| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Westpac Full Year 2014 result index 2 Presentation of Full Year 2014 Result 1 Investor Discussion Pack of Full Year 2014 Result 33 Overview 34 Features Net interest income Non-interest income Markets and Treasury income Expenses, investment and productivity Impairment charges 48 49 53 54 55 58 Capital, Funding and Liquidity 59 Asset Quality 70 Business Unit Performance Australian Financial Services Westpac RBB St.George BT Financial Group Westpac Institutional Bank Westpac New Zealand Westpac Pacific 84 85 96 100 104 108 115 122 Technology 123 Economics 130 Appendix and Disclaimer Appendix 1: Cash earnings adjustments Appendix 2: Definitions Investor Relations Team Disclaimer 144 145 146 149 150

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Our service revolution for customers is underway Personalised service Using data and insights to provide personalised solutions Customers in control Innovate and simplify Customers managing their finances when and where they want Reinventing the customer experience Know Me Empower Me Bank Wow Over 90% of NZ customers contacted with personalised messages via NZ Symphony platform 67m proactive service messages sent to >80% of AFS customers Proactively identify customer needs using analytics Instantly recognising customers in branches with trial of iBeacon Developing technology infrastructure around a customer service hub 181 new format branches including more 24/7 locations in Australia Enhanced digital/mobile functionality with 2.7m customers on Westpac Live Allowing customers access to funds anywhere anytime with Emergency Cash & Global ATM alliance Enabling customers to access specialists via in-branch video conferencing Collecting business payments on the go with mobile PayWay Customers ‘walk out working’ when opening accounts Speeding up approval times including 60 minute mortgage approvals Extending contactless payments to mobiles Increasing merchant functions and flexibility with new terminal fleet BT Super for Life reduced application process times by approximately 75% Complete redesign of merchant process for large customers Examples Examples Examples 7

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Growing at or above system in all key markets in 2H14 10 1.3 1.0 1.3 2H13 1H14 2H14 0.7 0.9 1.0 2H13 1H14 2H14 1 RBA Financial Aggregates, September 2014. 2 APRA Banking Statistics, September 2014. 3 Funds under administration. 4 Funds under management. 5 General insurance gross written premiums. 6 Life Insurance in-force premiums. Housing lending growth versus system1 (x) Household deposit growth versus system2 (x) 22.0 22.9 Sep-13 Mar-14 Sep-14 Credit card market share2 (%) 126.3 133.2 136.9 2H13 1H14 2H14 Australian business lending ($bn) FUA3 and FUM4 ($bn) 218 227 235 685 734 792 2H13 1H14 2H14 General GWP Life IFP 5 6 Insurance premiums ($m) 104 108 114 86 93 101 2H13 1H14 2H14 FUA FUM

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Achieving a good return on investments 11 3.5 3.8 4.3 4.6 FY11 FY12 FY13 FY14 0.7 1.8 4.6 6.1 1.5 1.5 1.3 1.2 2.2 3.3 5.9 7.3 FY11 FY12 FY13 FY14 Asia Australia 1 Bank of Melbourne market share of Victorian market, by household footings (calculated as household deposits plus housing loans). Sources RBA, APRA, ABS and internal analysis. 2 Forrester’s 2014 Australian Mobile Banking Functionality ($’000) Benchmark: It’s All Happening Down Under. Bank of Melbourne market share1 (%) WIB trade volumes ($bn) WRBB revenue per FTE Lloyds cash earnings ($m) 20 44 1H14 2H14 Up 10% adjusting for 3 months ownership in 1H14 Digital WIB Asia Revenue up 43% (in USD) over year Welcomed over 100 new corporate/institutional connections CNY derivatives licence for G7 currencies Preliminary approval for Sub-branch in Shanghai Free Trade Zone FTE up 33% over year 4m active digital customers with digital sessions on mobile up 11 percentage points to 57%. Digital sales now 10.5% of banking sales Approximately 50% of AFS new credit card sales were completed via digital Westpac Live global leading Australian mobile banking app capability2 566 620 700 748 FY11 FY12 FY13 FY14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 12 Strength Return Productivity 9.0 8.6 8.6 8.2 0.2 0.7 0.5 WBC Peer 1 Peer 2 Peer 3 15.4 15.9 16.4 FY12 FY13 FY14 495 525 547 FY12 FY13 FY14 Common equity tier 1 capital ratios (%) Return on equity4 (%) Expense to income5 (%) Stressed assets to TCE3 (%) Net interest margin excl. Treasury and Markets (%) 2.2 1.6 1.2 Sep-12 Sep-13 Sep-14 2.05 2.06 2.01 FY12 FY13 FY14 41.6 44.7 42.9 53.8 WBC Peer 1 Peer 2 Peer 3 1 Reflects APRA clarification that holding companies are now part of the Level 2 Group for regulatory purposes. Transitional arrangements are in place. 2 Due to rounding, components for Peer 3 do not add. Reported CET1 total for Peer 3 is 8.6%. 3 TCE is Total Committed Exposures. 4 Return on equity is cash earnings divided by average ordinary equity. 5 Peer expense to income ratios as at their FY14 results. Maintained disciplines of strength, return, and productivity 1 CET1 ratio excluding wealth leverage # 2

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Delivered for all stakeholders 14 company (2014)3 Global banking leader, Dow Jones Sustainability Indices Review (2014) Customers Shareholders Employees Community Cash earnings and cash EPS up 8% ROE up 48bps to 16.4% Dividends per share 182 cents (dividend yield 5.7%1) $100m Westpac Bicentennial Foundation established 2% in pre tax profit in community contributions5 $5.7bn in dividends, with 80% of shareholders based in Australia $87bn in new lending in AFS WRBB No. 1 customer satisfaction4 of major banks and SGB leads majors on customer satisfaction4 AFS complaints down 27% Women in leadership 44%, up from 42% High performer retention at 96% Lost Time Injury Frequency Rate2 down 40bps to 1.1 1 FY14 ordinary dividend using 30 September 2014 Westpac closing share price of $32.14. 2 LTIFR reflects the 12 month rolling number of lost time injuries divided by the total hours worked in a year (Paid FTE x 40 hrs x 46 weeks) times 1m. 3 Ranked the highest company at the 2014 World Economic Forum, Global 100 Most Sustainable Corporations, ranked by Corporate Knights. 4 For customer satisfaction metrics refer slide 148. 5 $217m invested via community contributions in FY14 including $100m Westpac Bicentennial Foundation.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack A consistent, high quality performance 16 Cash earnings FY14 FY13 ($m) Cash earnings 2H14 1H14 ($m) Cash earnings and cash EPS growth (%) Effective management of capital sees cash EPS and cash earnings growth aligned Quality result reflecting Strong divisional contributions and risk disciplines Lower Market risk related revenue, particularly impacting 2H14 result 8% 0% 2% 4% 6% 8% 10% FY11 FY12 FY13 FY14 Cash earnings growth Cash EPS growth 3,856 3,772 324 32 66 (222) (116) 1H14 Divisional revenue Market risk related revenue Expenses Impairment charges Tax & NCI 2H14 7,628 7,063 1,183 197 (196) (487) (132) FY13 Divisional revenue Market risk related revenue Expenses Impairment charges Tax & NCI FY14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Infrequent and volatile items had little impact on cash earnings growth 18 FX translation impacts Little impact on both YoY and HoH EPS growth Impacted some line items FY14/FY13 - Added 1.3% to expense growth - Small impact on operating revenue growth due to hedging Cash earnings impact FY14 FY13 ($m) 1 CVA is credit value adjustment. Cash earnings impact 2H14 2H13 ($m) 2H13 1H14 2H14 Asset sales 21 30 29 Performance fees 43 29 17 Group CVA1 47 2 (19) Specific tax matters resolved - - 56 Total impact 111 61 73 FY13 FY14 Asset sales 45 59 Performance fees 70 46 Group CVA1 62 (17) Specific tax matters resolved - 56 Total impact 177 144 Infrequent and volatile items 2H14 $12m higher than 1H14 FY14 $33m lower than FY13

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Expense growth reflecting investment 22 Components of expense growth YoY (%) 2.9 3.1 2.7 1.0 0.8 1 1.3 (0.1) 0.6 1.3 3.8 4.5 6.3 FY12 FY13 FY14 Ordinary expenses Amortisation Lloyds FX 1 Components of expense movements ($m) 4,034 4,151 74 25 18 30 3,935 4,065 86 4,181 (117) 2H13 1H14 Operating expenses Productivity benefits 2H14 pre investment Growth and productivity Regulatory change Other technology 2H14 pre Lloyds Lloyds 2H14 Up 0.7% Up 2.9% Down 0.8% 1 Amortisation excluding impairments. 2 Data for Westpac and Peer 1, 2 and 3 from FY14 results. Capitalised software balance2 ($bn) 2.5 1.9 2.1 2.1 Peer 1 Peer 2 Peer 3 WBC 5.5 5.9 6.8 4.1 Avg amortisation period (excluding write-offs)2 (years) ##

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Investment supporting growth 23 1 FOFA is Future of Financial Advice. 2 FATCA is Foreign Account Tax Compliance Act. 22 26 32 34 45 44 12 11 24 32 18 FY12 FY13 FY14 1.07 1.15 0.94 SIPs Program now complete with residual work rolled into other technology Other technology Data centre consolidation Various institutional and customer system upgrades Refresh of a range of core technologies Growth and productivity Westpac Live Bank of Melbourne roll-out Asia Panorama integrated wealth platform New digital innovation Regulatory change FOFA1 Stronger super reforms FATCA2 Financial claims scheme Changes to customer privacy legislation Investment spend ($bn) and composition (%) Investment spend ($bn)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 25 Impairment charge movements ($m) Provisioning cover 557 555 349 335 (266) (289) (292) (247) 326 382 331 371 (179) (239) (47) (150) 438 409 341 309 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 Sep-13 Mar-14 Sep-14 Individually assessed provisions ($bn) 1,364 1,139 867 Impaired asset provisions to impaired assets1 (%) 43 46 45 Collectively assessed provisions ($bn) 2,585 2,652 2,614 Collectively assessed provisions to credit RWA1,2 (bps) 99 97 93 Economic overlay ($m) 389 398 389 Lower impairments, strong provisioning cover 1 Impact of Lloyds on impaired asset provisions to impaired assets is 1 percentage point and 3bps on collectively assessed provisions to credit RWA in March 2014. 2 RWA is risk weighted assets. New IAPs Write-backs & recoveries Write-offs direct Other movements in collective provisions Total

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack On track for introduction of LCR1 26 1 LCR is Liquidity Coverage Ratio. 2 HQLA includes cash at hand (including ATMs), and other LCR qualifying liquid assets including BS-13 qualifying liquids. 3 Other flows includes credit and liquidity facilities, collateral outflows and inflows from customers. Pro forma liquidity coverage 30 Sept 14 ($bn) LCR rules apply from 1 January 2015 Minimum LCR of 100% required Westpac’s pro-forma Group LCR was 103% at 30 September 2014 APRA has approved a $66bn CLF for calendar year 2015 (at a cost of 15bps per annum from 1 January) High Quality Liquid Assets2 (HQLA) 59 Committed Liquidity Facility (CLF) 66 Total LCR liquid assets 125 Customer deposits 75 Wholesale funding 20 Other flows3 26 Total cash outflows in 30 day defined stressed scenario 121 Pro forma LCR 103%

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack FSI considerations 31 A strong and efficient banking system is good for all Australian banks have materially strengthened their balance sheets since the GFC and are strongly capitalised today Growth and stability are interconnected and must be considered together we need to recognise the inherent trade-offs A risk-based approach to assessing/managing capital, complemented by strong supervision, has served Australia well Adding ever more equity capital to banks has diminishing benefits to safety and TBTF1, but has real costs to customers, shareholders and the economy Recommendations should take a principles-based approach so they stand the test of time 1 TBTF is too big to fail.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack WIB Westpac NZ Australian Financial Services (AFS) Westpac Group at a glance, 35 1 As at 30 September 2014. Source: IRESS, CapitalIQ and www.xe.com based in US Dollars. 2 Data sourced from Credit Suisse analysis of expense to income ratio of world’s largest banks September 2014. 3 Source: Standard and Poor’s, Moody’s Investors Service, Fitch Ratings. 4 Westpac Group the highest ranked company at the 2014 World Economic Forum, Global 100 most sustainable companies. 5 APRA Banking Statistics, September 2014. 6 RBA Financial Aggregates, September 2014. 7 RBNZ, September 2014. 8 Plan for Life, June 2014, All Master Funds Admin. 9 Cash earnings basis. 10 Share price as at 30 September 2014, $32.14. Customers 13m Australian household deposit market share5 23% Australian housing market share6 23% Australian business market share6 19% New Zealand deposit market share7 21% New Zealand consumer lending market share7 20% Australian wealth platforms market share8 20% by market capitalisation1 Strategy focused on deepening customer relationships. Supporting customers and markets connected to Australia, New Zealand and the near Pacific Portfolio of brands providing consumer, business, institutional banking and wealth management services, with excellent positioning in key markets Efficiency leader of Australian peers and one of the most efficient banks globally2 Rated AA- / Aa2 / AA-, with stable outlook3 Strong capital, funding, liquidity and credit quality Consistent earnings profile over time Leader in sustainability, voted world’s most sustainable company4 Reported net profit $7,561m Cash earnings $7,628m Expense to income ratio9 41.6% Common equity tier 1 capital ratio (APRA basis) 9.0% Return on equity9 16.4% Total assets $771bn Market capitalisation10 $100bn Key statistics for FY14 Key financial data for FY14 (as at 30 September 2014) Westpac Retail & Business Banking Westpac Institutional Bank Westpac New Zealand St.George Banking Group BT Financial Group

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack FY14 financial snapshot 36 1 For profitability metrics the change represents results for 2H14 versus 1H14 and FY14 versus FY13, the actual results for 2H14, 1H14, and FY13 are not represented here. 2 All measures on a cash earnings basis. 3 EPS is earnings per share. 4 NTA is net tangible assets. 5 Total liquid assets represent cash and assets eligible for existing repurchase agreements with a central bank. FY14 Change1 2H14 1H14 Change1 FY14 FY13 Earnings2 EPS3 (cents) 245.4 2% 8% Core earnings ($m) 11,574 Flat 5% Cash earnings ($m) 7,628 2% 8% Return on equity (%) 16.41 (13bps) 48bps Dividends per share (cents) 182 2% 5% Expense to income ratio (%) 41.6 74bps 40bps Net interest margin (%) 2.08 (5bps) (7bps) Asset quality Impairment charges to average gross loans (bps) 12 (1bp) (4bps) Impaired assets to gross loans (bps) 40 (11bps) (27bps) Impaired provisions to impaired assets (%) 45 (1.6ppt) 1.6ppt FY14 Change1 2H14 1H14 Change1 FY14 FY13 Balance sheet Total assets ($bn) 771 6% 10% Common equity tier 1 capital ratio (APRA basis) (%) 9.0 15bps (13bps) Total regulatory capital ratio (APRA basis) (%) 12.3 18bps 3bps Risk weighted assets ($bn) 331.4 3% 8% Loans ($bn) 580 3% 8% Customer deposits ($bn) 409 5% 7% NTA4 per share ($) 11.57 44cps 48cps Funding and Liquidity Customer deposit to loan ratio (%) 70.5 164bps (84bps) Stable funding ratio (%) 83 (28bps) (73bps) Total liquid assets5 ($bn) 134 8bn 9bn

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Cash earnings and reported net profit reconciliation 37 FY14 ($m) % change 2H14- 1H14 % change FY14- FY13 Cash earnings 7,628 2 8 Cash EPS (cents) 245.4 2 8 Reported net profit 7,561 9 12 FY13 FY14 Reported net profit 6,751 7,561 TPS revaluations 9 - Treasury shares 42 7 Ineffective hedges (20) 46 Fair value on economic hedges 21 (105) Buyback of government guaranteed debt 43 (42) Amortisation of intangible assets 150 147 Fair value amortisation of financial instruments 67 17 Acquisition transaction and integration expenses - 51 Bell litigation provision - (54) Westpac Bicentennial Foundation grant - 70 Prior period tax provisions - (70) Cash earnings 7,063 7,628 Westpac Group uses a measure of performance referred to as cash earnings to assess financial performance at both a Group and divisional level This measure has been used in the Australian banking market for over a decade and management believes it is the most effective way to assess performance for the current period against prior periods and to compare performance across divisions and across peer companies To calculate cash earnings, reported net profit is adjusted for Material items that key decision makers at the Westpac Group believe do not reflect ongoing operations (both positive and negative) Items that are not considered when dividends are recommended, such as the amortisation of intangibles, impact of Treasury shares and economic hedging impacts Accounting reclassifications between individual line items that do not impact reported results 1 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes non-cash items reflected in net profit determined in accordance with AAS (Australian Accounting Standards). The specific adjustments outlined include both cash and non-cash items. Cash earnings is reported net profit adjusted for material items to ensure they appropriately reflect profits available to ordinary shareholders. All adjustments shown are after tax. For further details refer to slide 144 of the Westpac Group Full Year 2014 Presentation and Investor Discussion Pack. Cash earnings policy1 Reported net profit and cash earnings1 adjustments ($m) Cash earnings ($bn) 4.7 5.9 6.3 6.6 7.1 7.6 FY09 FY10 FY11 FY12 FY13 FY14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Managing for a balanced performance 38 1 Plan for Life, QDS (June 2014). 2 APRA Banking Statistics, September 2014. 3 RBA Financial Aggregates, September 2014. 4 Market share of Victorian market, by household footings (calculated as household deposits plus housing loans) Sources RBA, APRA, ABS and internal analysis. 5 Customer return to credit RWA calculated as operating income, less Treasury and Markets (non-customer) income less operating expenses, divided by average credit risk weighted assets. 6 Refer to slide 148 for wealth metrics provider details. 7 Refer slide 148 for MyBank customer definition. 8 Refer to slide 148 for customer satisfaction metric providers. 9 Refer slide 12 for Australian major bank peer comparisons. Managing the business in a balanced way across the dimensions of growth, return, productivity and strength Strategic priorities FY14 outcomes Remain strong Common equity tier 1 capital ratio at 9.0% Stable fund ratio at 83% Stressed exposures to TCE down 36bps, to 1.24% Ranked most sustainable company in world by Corporate Knights 2014 Global 100 Most Sustainable Corporations Targeted growth BT total retail FUA growth 1.1x system1 Growing at 1.2x system in household deposits2 Mortgage growth improved, approaching system, 0.9x system3 Business growth improved, at 1.3x system3 BoM added 17 more branches, customers up 16%, market share up 30bps to 4.6x%4, household deposits up 30%, mortgages up 18% BT Super for Life retail customers up 18% and FUM up 32% General Insurance gross written premiums and Life Insurance inforce premiums up 11% and 16% respectively Trade finance revenue up 94%, strengthened capabilities Lloyds acquisition delivered $64m cash earnings Customer relationships Customer numbers up 5% Customer return on credit risk weighted assets5 up 2bps to 4.00 Highest customers with wealth products6, up 135bps to 20.0% Increased MyBank7 customers across all brands WRBB No. 1 of majors for both consumer and business satisfaction8 SGB ahead of majors for both consumer and business satisfaction8 Materially simplify Expense to income ratio 41.6%, well below major bank peers9 $219m in productivity savings Revenue per FTE up 4% New digital/mobile platform with 2.7m WRBB consumer customers 205 Bank Now/FreshStart branches (up 181) AFS customer complaints reduced 27% One team AFS/WIB partnership generated $609m revenue, up 5% Women in leadership roles increased to 44% from 42% Launched third Reconciliation Action Plan Remain strong Targeted growth Customer relationships Materially simplify One team approach Maintaining strong ROE Maintain dividend path Maintain expense to income ratio below peers Higher growth in target segments: wealth; deposits; Asia; SME; and trade Maintain strong capital levels Target stable funding ratio > 75% Liquidity coverage ratio > 100% STRENGTH Strong company GROWTH Investment driven PRODUCTIVITY Sector leading RETURN Maintain discipline

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Westpac Group service revolution building a leadership position 39 1 RBA Financial Aggregates six months to September 2014. 2 APRA Banking Statistics, six months to September 2014. 3 Refer slide 148 for consumer and business satisfaction metric providers. 4 Refer slide 147 for business NPS metric providers. 5 Refer slide 111 for metrics provider. 6 Refer slide 148 for customers with wealth products metric provider. 7 Plan for Life, June 2014, All Master Funds Admin. 8 ! 9 RFi, Australian Mobility Banking Program, June 2014 survey results. 10 2014 Global Most Sustainable Corporations in the world by Corporate Knights. 11 Refer slide 148 for recognitions received in 2014. Westpac Group Established world class innovation centre Established $100m Westpac Bicentennial Foundation No. 1 Australian Bank for FX, Globally5 WRBB highest wealth products per customer6 sustainable company10 No. 1 Lead Transactional Bank in Australia5 SGB first to deliver fingerprint access logon via mobile 1.4x business credit1 in 2H14 Lead FUA position with all Platforms market share7 ranked number 1 Westpac Live global leading Australian mobile banking app capability8 WRBB No. 1 of majors for consumer and business satisfaction3 At or above system growth in all categories1,2 in 2H14 SGB leads majors for consumer and business satisfaction3 1.3x household deposits2 in 2H14 No. 1 mobile customer satisfaction for SGB9 Leading employer in workforce diversity11 Smart 44% women in leadership ATMs WRBB leading majors for business customer advocacy4 Severity 1 outage incidents at all time low 1.0x home lending system1 in 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack FY14 cash earnings up 8% 40 FY14 ($m) % chg1 2H14-1H14 % chg1 FY14-FY13 Net interest income 13,496 2 5 Non-interest income 6,324 (1) 7 Expenses 8,246 3 6 Core earnings 11,574 Flat 5 Impairment charges 650 (9) (23) Cash earnings 7,628 2 8 Reported net profit 7,561 9 12 3,772 142 32 66 3,856 (40) (116) 1H14 Net interest income Non-interest income Expenses Impairment charges Tax & NCI 2H14 7,063 584 403 197 7,628 (487) (132) FY13 Net interest income Non-interest income Expenses Impairment charges Tax & NCI FY14 1 For profitability metrics the change represents results for 2H14 versus 1H14 and FY14 versus FY13, the actual results for FY13, 2H14 and 1H14 are not represented here. Cash earnings up 2%. AFS (up 5%), with: WRBB up 6%; SGB up 5%; and BTFG up 4%. Sound performance by Westpac NZ up 1% (flat in NZ$) after a very strong 1H14, while WIB earnings were down 5% due to lower impairment benefit in 2H14 Higher cash earnings absorbed a $222m (50%) fall in revenue from Markets related risk income within WIB and Group Businesses (Treasury) Net interest income rose 2%, with a 4% rise in average interest-earning assets partially offset by a 5bp decline in net interest margin due to Treasury and Markets. Margin excluding Treasury and Markets was steady Non-interest income down 1%, post a very strong 1H14 which included large BT performance fees Expenses up 3% (up 2% excluding Lloyds). Wage increases along with increased investment related spending including software amortisation, Bank of Melbourne, wealth and Asia, were partly offset by productivity savings of $117m Impairment charges down 9%, with continued WIB write-backs and falls in WRBB Cash earnings up 8%. AFS a highlight up 12% with: BTFG a very strong performer (up 16%); WRBB (up 10%); and SGB delivering strong growth (up 14%). Westpac NZ delivered a very strong result up 25% (up 13% in NZ$), while WIB earnings were down 7% due to Hastings and CVA gains of FY13 not repeated Net interest income up 5%, driven by a 8% rise in average interest-earning assets. Net interest margin down 7bps to 2.08% Non-interest income up 7%, reflecting strong growth in wealth management and insurance income and improved fees and commissions. This was partially offset by lower trading income due to negative CVA movement Expense growth 6% (up 4% excl. Lloyds and FX translation). Productivity savings of $219m offset ordinary costs, with expense growth due to investment, including Bank of Melbourne, wealth and Asia. Regulatory change costs also higher Impairment charges down 23%, driven by higher WIB write-backs and significant falls in Westpac NZ and a decline in WRBB and SGB Cash earnings features of FY14 FY13 Cash earnings features of 2H14 1H14 Cash earnings Cash earnings 2H14 1H14 ($m) Cash earnings FY14 - FY13 ($m) Up 8% Up 2%

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Strong growth in cash earnings and core earnings 41 1 Refer to division definitions, slide 146. 2 Other includes Group Businesses (including Treasury) and Westpac Pacific. 2 In A$. 7,063 227 188 122 158 7,628 (107) (23) FY13 WRBB SGB BTFG WIB NZ Other FY14 FY14 divisional contribution to cash earnings1 ($m) 11,074 277 212 215 144 11,574 (194) (154) FY13 WRBB SGB BTFG WIB NZ Other FY14 FY14 divisional contribution to core earnings1 ($m) FY14 ($m) AFS WRBB SGB BTFG WIB NZ2 Other2 Group Operating income 14,070 7,361 4,055 2,654 3,161 1,893 696 19,820 Expenses (6,115) (3,233) (1,560) (1,322) (1,207) (776) (148) (8,246) Core earnings 7,955 4,128 2,495 1,332 1,954 1,117 548 11,574 Impairment charges (671) (437) (236) 2 136 (24) (91) (650) Tax & non-controlling interests (2,227) (1,109) (679) (439) (622) (303) (144) (3,296) Cash earnings 5,057 2,582 1,580 895 1,468 790 313 7,628 % of Group cash earnings 67 34 21 12 19 10 4 100 Up 5% Up 8% AFS 537 AFS 704 2 2

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Differentiated by our strong portfolio of brands 42 1 Other includes Group Businesses (including Treasury) and Westpac Pacific. Westpac Group Key statistics for FY14 Contribution to FY14 cash earnings (%) Institutional NZ Australian Financial Services Westpac New Zealand Banking and wealth services to consumers, businesses and institutions in New Zealand Westpac Retail & Business Banking Australian national brand for consumer and business banking, SMEs and commercial customers under the Westpac brand St.George Banking Group Australian local brand for consumer, business and commercial banking customers under the St.George, BankSA, Bank of Melbourne and RAMS brands BT Financial Group Australian Wealth and Insurance division with $89bn funds under management and $113bn funds under administration at 30 September 2014 Westpac Institutional Bank Leading Australasian institutional bank, with branches and representative offices in Australia, NZ, US, UK and Asia 34 21 12 19 10 4 Westpac RBB St.George Banking Group BT Financial Group Westpac Institutional Bank Westpac NZ Other1 Division Cash earnings FY14 ($m) Cash earnings FY14-FY13 % change Core earnings FY14-FY13 % change Westpac RBB 2,582 10 7 St.George 1,580 14 9 BT Financial Group 895 16 19 Westpac Institutional Bank 1,468 (7) (9) Westpac NZ (in A$) 790 25 15 Other1 313 (7) (22)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Lloyds delivering ahead of plan 43 1 RBA Financial aggregates, December 2013. 2 Excludes transaction costs. On 31 December 2013, Westpac acquired selected assets of $7.6bn of net loans at 30 September 2014 $6.6bn SGB (auto and equipment finance) $1.0bn WIB (corporate loans and equipment finance) 0.6 percentage points in business lending1 2.3 percentage points in personal lending1 Achievements in 2H14 Financial Cash earnings contribution of $44m (taking 9 months of ownership to $64m) and ahead of initial expectations EPS accretive in FY14 On track to deliver $100m cash earnings in FY15 Growth Business has maintained momentum through the integration process Customer numbers up 4% SGB Auto and equipment finance continued to rise, up 3% to $6.6bn WIB Corporate balances down 20% to $1.0bn with runoff broadly as anticipated New lease capability acquired from Lloyds saw operating lease balances up 21% to $80m Integration Program progressing ahead of plan Implemented integrated operations model in SGB Commenced migration of auto dealers to consolidated systems Started to rationalise property footprint Completed integration of Treasury systems Integration costs $44m in FY14 and on track for original $130m budget2 (cash earnings adjustment) Expense synergies of $21m realised in FY14 (on track to achieve $70m pre-tax total per annum synergies) Cash earnings contribution ($m) 20 44 1H14 2H14 Cash earnings up 10% when 1H14 adjusted for only 3 months ownership

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Consistent dividend growth path 44 Seek to consistently lift ordinary dividend cents per share each half while maintaining a strong capital position to support growth Pay fully franked dividends, utilising franking surplus to distribute value to shareholders Maintain payout ratio that is sustainable in the long term 6.0 7.7 6.7 5.9 5.7 8.5 11.0 9.5 8.5 8.1 FY10 FY11 FY12 FY13 FY14 WBC yield WBC fully franked yield 68 74 0.0 20.0 40.0 60.0 80.0 100.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Payout ratio (cash earnings basis) Effective payout ratio (after DRP) 1 FY14 ordinary dividend using 30 September 2014 Westpac closing share price of $32.14. 2 Data using past full year dividends and share price as at 30 September in each of the years. Includes special dividends. 3 Effective payout ratio adjusted for shares issued to satisfy DRP. FY14 ordinary dividends of 182 cents, up 5% on FY13 Interim dividend of 90 cents and final dividend of 92 cents Payout ratio at 74% for FY14 (74% for 2H14) Issuing shares to satisfy the DRP (no discount) FY14 dividend yield1 5.7% Equivalent to a fully franked dividend yield1 of 8.1% Franking balance of $565m after final dividend payment 116 131 142 116 139 156 166 174 182 20 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Dividends per share (cents) Key dividend considerations Westpac dividend yield2 (%) Ordinary dividend payout ratio3 (%) Special dividends

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Continued sustainability leadership 45 Progress FY14 FY13 Priority Objectives FY14 achievements Ensure our workforce is representative of community Increased women in leadership to 44%, up from 42% Increased participation of mature aged workers (50+) to 20.9%, up from 20.5% Extend length and quality of working lives Increased mean employee retirement age to 61.6 years, up from 60.6 years Anticipate the future product and service needs of aging and culturally diverse customers Introduced three new initiatives, for Prime of Life, migrant and Indigenous customers, bringing the number of initiatives to four to date, ahead of target Provide products/services to help customers adapt to environmental challenges Introduced two new products in WIB and AFS, bringing the number of initiatives to four to date, ahead of target Increase lending and investment in CleanTech and environmental services $8.0bn made available to the CleanTech and Named as one of the World’s Most Ethical Companies in 2014 environmental services sector as at 30 September 2014, ahead of target Continue to reduce our environmental footprint Maintained carbon neutrality Achieved office paper use reduction target three years ahead of schedule Ensure customers have access to the right advice to achieve a secure retirement Increased the proportion of our customer facing employees with wealth accreditation to 12% Help customers meet their financial goals in retirement 8.1% of customers with Westpac Group Superannuation, up from 7.4% Increase access to financial services in Pacific Island nations Approximately 78,000 new basic banking accounts More than doubled the volume of customer transactions to around 380,000 Help people gain access to social and affordable housing $820m lent to the social and affordable housing sector as at 30 September 2014, up from $650m Sustainability strategic priorities Assessed as the most sustainable bank globally in the 2014 Dow Jones Sustainability Indices (DJSI) Review Ranked number one in the 2014 Global 100 Most Sustainable Corporations in the World by Corporate Knights by Ethisphere Institute, for the 7th consecutive year Leading track record Launched third Reconciliation Action Plan, with almost 50 commitments including aim to employ an additional 500 Aboriginal and Torres Strait Islanders by 2017 Refreshed Climate Change and Environment Position Statement and Action Plan April 2014, launched Westpac Bicentennial Foundation, largest ever corporate education scholarship fund - $100m designed to support 100 scholars every year, in perpetuity Significant commitments 1 Help improve the way people work and live as our society changes Help find solutions to environmental challenges Help customers to have a better relationship with money for a better life 2 3 1 2 3

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Helping communities prosper and grow 46 1 All figures for the twelve months to 30 September 2014 unless otherwise stated. 2 New mortgage and new business lending in AFS. 3 Includes NZ and Pacific. 4 2014 Global Most Sustainable Corporations in the world by Corporate Knights. Supporting communities1 Rated the world's most sustainable company4 with an effective tax rate of 29.6% Employ approximately 36,000 fulltime equivalent employees $87bn new lending2 One of Australia’s largest taxpayers, of $509bn total Aust. loans Provide loans to help millions of Australians own their home or grow their business Funding economic activity $5.7bn in dividends in FY14 Supporting working or retired Australians either individually (595K shareholders) or via their super funds Wealth of many Australians >$3.2bn in tax expense in FY14 The bottom line $4.6bn in employee expenses The workforce 2% community contributions to pre-tax profit Invested $217m3 via community contributions in FY14 includes $100m in 2H14 to establish the Westpac Bicentennial Foundation The nation Income tax expense on a cash earnings basis FY13 $m FY14 $m Notional income tax based on the Australian company tax rate of 30% 3,068 3,277 Net amounts not deductible/(not assessable) 20 (47) Total income tax expense in the income statement 3,088 3,230 Effective Tax Rate 30.2% 29.6% Other tax/government payments FY13 $m FY14 $m Net GST, Payroll tax, FBT 426 426 Westpac also makes a number of other government and regulatory payments including fees for Government guarantees, APRA fees and stamp duties which are not included in the above. Similarly, Westpac also collects tax on behalf of others, such as withholding tax, PAYG and GST. These have been excluded from this analysis.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Financial System Inquiry (FSI), the story so far 47 Growth and Australia’s Bank stability and ‘too big to fail’ support Australia’s economic stability are interconnected, and should have equal focus Risk-based approach to management of financial system, complemented by strong supervision, and cognisant of global standards Australian banks are already strongly capitalised Housing is a strength for Australia and for bank balance sheets The Australian financial system is dynamic, competitive and open. There are opportunities for improvement in - Retirement incomes - Bank funding - Investor protection Recommendations should take a principles-based approach, to stand the test of time Examine entire financial system Blueprint for how the financial system can best growth Housing finance and regulatory capital for mortgages Vertically integrated business models Consumer protection, including disclosure Efficiency of superannuation Retirement income policy December 2013 FSI objectives July 2014 FSI interim report key focus areas

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Net operating income up 1% in 2H14 49 1 AIEA is average interest-earning assets. 2 Other includes Group Businesses and Westpac Pacific. Net operating income up 1% (up 5% FY14/FY13) Net interest income up 2% (up 5% FY14/FY13) AIEA1 growth of 4% (up 8% FY14/FY13) from strong Australian housing Customer deposit growth of 5% (up 7% FY14/FY13) mostly household deposits Net interest margin down 5bps (down 7bps FY14/FY13). Margins excluding Treasury and Markets were flat Non-interest income down 1% (up 7% FY14/FY13) Fees and commissions up 1% to $1,468m (up 7% FY14/FY13) Wealth and insurance up 3% to $1,145m (up 15% FY14/FY13) Trading income, down 14% to $470m (down 5% FY14/FY13) Other income down 11% to $59m (down 27% FY14/FY13) 5 245 (195) (108) 9,478 291 114 65 87 22 9,859 10 34 9,961 (3) (77) (7) 2H13 AIEA growth Margins (ex Treasury & Mkts) Margins (Treasury & Mkts) Fees & commissions Wealth Trading Other 1H14 AIEA growth Margins (ex Treasury & Mkts Margins (Treasury & Mkts) Fees & commissions Wealth Trading Other 2H14 9,478 9,859 9,961 2H13 1H14 2H14 Net operating income movement half on half ($m) Total net operating income ($m) and divisional % contribution to 2H14 9,478 57 80 127 70 99 9,859 143 135 12 31 9,961 (52) (1) (218) 2H13 WRBB SGB BTFG WIB NZ Other 1H14 WRBB SGB BTFG WIB NZ Other 2H14 AFS 264 AFS 290 Divisional contribution to net operating income ($m) 38% 21% 13% 16% 10% 2% WRBB SGB BTFG WIB NZ Other Up 4% Up 1% Net interest up 3% Non-interest up 6% Net interest up 2% Non-interest down 1% 2 2 2

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Loan growth from Australian housing and institutional 50 328.5 338.0 351.0 17.3 20.6 21.4 126.3 133.2 136.9 2.0 2.0 2.0 Sep-13 Mar-14 Sep-14 Margin lending Business Personal (loans + cards) and other Housing 328.5 338.0 19.7 17.2 351.0 23.9 Sep-13 Mar-14 Proprietary new lending Broker new lending Net run-off Sep-14 Up 4% 126.3 133.2 0.9 0.3 2.5 0.0 136.9 Sep-13 Mar-14 WRBB SGB WIB Other Sep-14 Up 3% 1 Other is trade finance and other offshore lending. Westpac Group loans up 3% (up 8% FY14/FY13) Australian housing loans up 4% Growth in new lending (up 11%) partly offset by continued high run-off as low rates enable customers to repay faster Australian business lending up 3% Growth weighted towards corporate customers Continued run-off in stressed assets, though slowing in 2H14 Australian personal lending up 3% Growth in credit cards supported by Westpac Black card New Zealand lending up 2% (in NZ$ terms) with growth across housing, personal and business loans. Lending down 3% in A$ terms from exchange rate movements Other lending fell 2% with reductions in trade finance offset by growth in lending to corporate customers in Asia 536.2 564.6 13.1 4.0 0.6 580.3 (1.6) (0.4) Sep-13 Mar-14 Australian housing Australian business Australian other New Zealand Other Sep-14 Net loans ($bn) Australian gross loans ($bn) Australian housing flow (gross loans) ($bn) Australian business (gross loans) ($bn) Up 3% 1

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack High quality deposit focus, deposit growth fully funded loan growth in 2H14 51 161 169 182 94 92 97 73 72 77 55 56 53 383 389 409 2H13 1H14 2H14 AFS household AFS business WIB Other3 165 162 171 55 60 65 68 69 69 95 98 104 383 389 409 2H13 1H14 2H14 Term deposits Savings Online Transaction 1 APRA Banking Statistics, September 2014. 2 Excludes RAMS. 3 Other is predominately comprised of NZ and Westpac Pacific. 4 Mortgage offset accounts are included in transaction accounts. Customer deposits up $20.4bn or 5% (up 7% FY14/FY13) Fully funded loan growth in 2H14 Focus has been on higher quality deposits Household deposit growth at 1.3x system1 Business deposits higher, with strong growth in working capital, SME and commercial Growth across term deposits, savings and transactions Savings balances up 7%, with strong growth in reward saver accounts given attractive pricing and customer preference to have their funds at call Term deposits and transaction balances up 6%, with the latter mostly mortgage offset accounts up $2.7bn2 Online deposits up 1% Australian household deposits annual growth1 (%) Total business deposits annual growth1 (%) Customer deposit composition ($bn) Customer deposit composition ($bn) 42% 25% 17% 16% 0% 5% 10% 15% Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 WBC All Banks -10% -5% 0% 5% 10% 15% 20% 25% WBC Total banking system 4

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Flat net interest margin excluding Treasury and Markets 52 Net interest margin (NIM) down 5bps to 2.06% (down 7bps FY14/FY13) NIM firmer in AFS (up 3bps), slightly weaker in NZ down 1bp and WIB down 6bps NIM excluding Treasury and Markets flat at 2.01% (down 5bps FY14/FY13) 5bps decrease in asset spreads due to mix impacts and increased competition for new lending, particularly fixed rate mortgages 5bps increase from customer deposits, reflecting improved term deposit spreads offset by lower hedging benefit on low interest deposits 2bps improvement in term wholesale funding No impact from average liquid assets holdings, which were relatively flat over the half 2bps decline in capital and other due to lower hedging rates Treasury and Markets down 5bps, reflecting lower returns from management of liquids portfolio and interest rate risk management 2.26 2.06 2.09 2.01 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 NIM NIM excl. Treasury and Markets Net interest margin (%) Net interest margin by division (%) 2.06 2.01 2.01 0.06 0.10 0.05 2.12 2.11 (5bps) 5bps 2bps 0 (2bps) (5bps) 2.06 2H13 1H14 Assets Customer deposits Term wholesale funding Liquids Capital & Other Treasury & Markets 2H14 NIM excl. Treasury & Markets flat NIM down 5bps Net interest margin movement (%) 2.33 2.21 2.32 2.35 2.04 2.28 2.38 1.98 2.27 AFS WIB NZ 2H13 1H14 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Non-interest income impacted by lower trading 53 Non-interest income ($m) Non-interest income contributors (% of total) Fees and commissions Wealth and insurance Trading income Non-interest income down 1% (up 7% FY14/FY13) Fees and commissions up 1% to $1,468m, with higher business lending fee income due to full period impact of Lloyds. Card income was unchanged with higher interchange income from increased customer spend on premium cards and growth in customer accounts, largely offset by seasonally lower loyalty points redemption Wealth and insurance up 3% to $1,145m, with higher FUM/FUA due to positive net flows and improved investment markets. Life insurance up with higher premiums and increased sales. Performance fees significantly lower as majority of BT performance fees recognised in 1H14 Trading income down 14% to $470m, due to negative CVA movement and lower risk income offsetting higher customer related flows Other income was down $7m (11%) with gains on asset sales lower than 1H14 46 46 46 47 32 34 35 36 18 18 17 15 4 2 2 2 1H13 2H13 1H14 2H14 Fees and commissions Wealth and insurance Trading income Other 1,330 1,393 1,458 1,468 1H13 2H13 1H14 2H14 934 1,024 1,111 1,145 1H13 2H13 1H14 2H14 520 550 547 470 1H13 2H13 1H14 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Markets and Treasury income: customer business higher, risk related income lower 54 Markets income down 11% (down 2% FY14/FY13), as more challenging market conditions and a negative CVA movement saw market risk related income materially lower Customer income $420m, up 8% (up 9% FY14/FY13) Debt Markets sales income up 19% and FX sales income up 4%, maintaining the strong performance in 1H14 and 2H13 Debt Markets benefitted from improved deal flow through the year and FX saw increased customer demand around moves in the Australian Dollar Westpac continues to leverage its leading market positions to meet customer risk management needs, for both WIB and AFS customers through the WIB/AFS partnership. Customers are assisted by specialist product support and market insight together with broader capabilities through licencing and electronic facilitation Group risk related income ($m) 376 201 303 170 130 151 139 50 506 352 442 220 1H13 2H13 1H14 2H14 Treasury income Market risk related income 360 380 389 420 130 151 139 50 490 531 528 470 1H13 2H13 1H14 2H14 Customer income Market risk related income Markets income by activity ($m) Market risk related income, down 64% (down 33% FY14/FY13) The more stable rates and FX environment and strong levels of liquidity has seen lower levels of volatility, significantly reducing opportunities Market risk income was also impacted by a negative movement in CVA. CVA was a $22m charge in 2H14 compared to a $1m charge in 1H14 ($23m charge FY14 compared to $87m benefit FY13) WIB 2H14 average daily VaR $8.5m ($10.0m 1H14, $8.6m 2H13) Treasury income $133m lower compared to 1H14, mainly due to lower returns on both liquids portfolio and from balance sheet risk management activities Treasury 2H14 average daily VaR $17.6m ($15.5m 1H14, $17.9m 2H13)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Up 3.3% Expenses well managed while continuing to invest 55 1 Amortisation excluding impairments. 2 Software amortisation and impairments excludes depreciation related to investments. Expenses up 2.9% (up 2.2% excluding Lloyds) Expenses up 6.3% FY14/FY13 (up 3.7% excluding FX and Lloyds) Expense to income ratio up 74bps to 42.0% Well controlled expenses pre-investment (down 0.8%), with $86m increase in operating expenses more than offset by $117m of productivity initiatives delivered. Productivity included $66m from redesign of roles and operating model changes $28m simplification benefits Investment related spending up 2.9% Growth and productivity investment includes Bank of Melbourne; Asia; wealth; and Group simplification program Lloyds contributed 0.7% to expense growth Amortisation1 added 1.2% to expense growth in 2H14 Components of expense growth (%) Total impact on expenses from projects ($m) 4,151 30 3,935 4,065 86 4,034 74 25 18 4,181 (117) 2H13 1H14 Operating expenses Productivity benefits 2H14 pre investment Growth and productivity Regulatory change Other technology 2H14 pre Lloyds Lloyds 2H14 Up 0.7% Up 2.9% Down 0.8% Expense movement ($m) Up 2.9% 2 69 71 74 82 185 218 215 278 124 112 112 89 96 142 197 266 1H13 2H13 1H14 2H14 Ongoing opex net of benefits Other projects & SIPs expensed Software amortisation and impairments Regulatory change 1.4 1.3 2.1 1.7 1.5 1.0 0.7 0.1 0.6 0.1 1.2 (0.2) 0.6 0.8 0.9 0.7 1.4 1.9 2.0 2.9 3.3 2.9 1H12 2H12 1H13 2H13 1H14 2H14 Ordinary expenses Amortisation FX Lloyds 1 (0.1)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Disciplined investment spend, focused on growth and productivity 56 1 Investment spend capitalised also includes technology hardware equipment. 2 Includes negative FX revaluation of $7m and write-offs of $22m in 2H14. 3 Data for Westpac and Peer 1, 2 and 3 from FY14 results. Investment spend capitalised ($m) 2H13 1H14 2H14 Growth and productivity 251 169 166 Regulatory change and compliance 101 81 103 Other technology 123 95 97 Total1 475 345 366 Investment spend expensed ($m) 2H13 1H14 2H14 Growth and productivity 75 80 55 Regulatory change and compliance 71 74 82 Other technology 37 32 34 Total 183 186 171 Investment spend capitalised ($m) 2H13 1H14 2H14 Capitalised software Opening balance 1,651 1,897 2,023 Additions 452 332 332 Amortisation (206) (209) (256) Write-offs, impairments and other2 - 3 (29) Closing balance 1,897 2,023 2,070 Other deferred expenses Deferred acquisition costs 126 118 129 Other deferred expenses 24 28 11 2.5 1.9 2.1 2.1 Peer 1 Peer 2 Peer 3 WBC Composition of investment spending (%) Average amortisation period (excluding write-offs)3 (years) Capitalised software balance3 ($bn) 14 22 26 32 28 34 45 44 46 32 18 0 12 12 11 24 FY11 FY12 FY13 FY14 Other technology SIPs Growth & productivity Regulatory change 1.07 1.15 0.94 1.20 Total investment spend ($bn) 5.5 5.9 6.8 4.1 Peer 1 Peer 2 Peer 3 WBC

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack continued focus on productivity through FY14 57 1 Cumulative numbers. 2 Company data, Credit Suisse. Expense to income ratio average for all banks other than Australian banks are based on their FY13 results. Expense to income ratios for ANZ, CBA, NAB and WBC are based on their FY14 results. WRBB 60 minute Number of ‘for sale’ products removed1 SGB ‘time to first yes’ approved in branch within one hour up to 69% (from 59%) mortgage approval for home finance managers (reducing average application approval time from over a week) (from 59%) BT Super for Life application process streamlined (reducing application process times by approximately 75%) Enhancing process for installing merchant services enabling Westpac customers to be up and running in one day, versus previous three days Redesigned merchant bulk upload process for large customers, reducing the time needed to establish thousands of merchant IDs from an average of 25 minutes to an average of 25 seconds $1.3bn saved from efficiency programs since FY09 ($m) Global peer comparison of expense to income ratios2 (%) FY14 metrics FY14 examples of initiatives delivered 1,326 143 212 289 238 225 219 FY09 FY10 FY11 FY12 FY13 FY14 FY09-FY14 cumulative total 69.0 62.7 60.1 59.2 55.3 53.8 45.3 44.7 44.0 42.9 41.6 European bank average US regional bank average Canadian bank average UK bank average Korean bank average NAB Hong Kong bank average ANZ Singapore bank average CBA WBC Number of Bank Now / FreshStart branches1 205 Branch sales FTE/branch FTE 51% % AFS active digital customers 43% % Sales growth per average customer contact centre FTE 12% 1 49 AFS complaint reduction 27% Number of IT applications closed1 77

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Improvements in asset quality leading to lower impairment charges 58 1 Pre-2008 does not include St.George. 2008 and 2009 are pro forma including St.George for the entire period with 1H09 ASX Profit Announcement providing details of pro forma adjustments. 2 Other includes Westpac Pacific and centrally held provisions in Group Businesses. 3 Does not include interest carrying adjustment. Impairment charges to average gross loans1 (bps) Impairment charge movements ($m) New IAPs, write-backs and recoveries ($m) Net change in CAPs ($m) 11 15 0 20 40 60 80 100 2005 2006 2007 2008 2009 2010 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Impairment charge Impairment charge inc. interest adjustment 976 983 480 613 506 511 412 458 291 266 57 88 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 635 698 399 (36) (43) 19 196 146 147 143 284 221 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 284 221 57 (15) 20 44 18 (99) 88 1H14 WRBB SGB WIB NZ Other 2H14 New IAPs $14m lower (4%) as fewer stressed assets deteriorate. Write-backs $55m lower, recoveries $10m higher New CAPs raised in 2H14 $63m lower, mainly reflecting lower consumer delinquencies in both unsecured and mortgage portfolio (excluding interest adjustment) Down 9% 341 309 Net change in CAPs3 New IAPs, write-backs and recoveries Net change in CAPs3 New IAPs, write-backs and recoveries 2

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack preferred capital range 60 1 Domestic Capital conservation buffer operation APRA Basel III common equity tier 1 capital ratio (%) APRA have imposed a D-SIB1 requirement of 1% to be met by CET1 capital. Implementation of the D-SIB requirement is through an extension of the capital conservation buffer (CCB) effectively increasing the buffer above regulatory minimums (commences 1 January 2016) preferred CET1 capital range has been revised to 8.75-9.25%. The management buffer above regulatory minimums takes into consideration Regulatory minimums and the CCB, including the 1% D-SIB requirement Stress testing to maintain an appropriate buffer in a downturn Quarterly volatility of capital ratios under Basel III associated with dividend payments Westpac preferred capital range 7.3 6.9 7.4 7.2 7.7 7.5 8.2 8.3 8.7 8.4 9.1 8.3 8.8 8.3 9.0 9.0 Previous APRA minimum (from 2016) Revised APRA minimum (from 2016) Westpac Sept 14 CET1 Regulatory minimum 4.5 Capital conservation buffer 2.5 D-SIB + Capital conservation buffer 3.5 Regulatory minimum 4.5 Quartile 1 7.0 8.0 Quartile 2 Quartile 3 Quartile 4 Quartile 1 Quartile 2 Quartile 3 Quartile 4

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Capital strength maintained whilst supporting business growth 61 1 Based on PwC report, refer slide 146 for definition of internationally comparable. 2 Reflects APRA clarification that holding companies are now part of the Level 2 Group for regulatory purposes. Transitional arrangements are in place. 3 Peer 1 and 3 are as at 30 September 2014, Peer 2 is as at 30 June 2014. 4 Due to rounding components, Peer 3 does not add to actual total. Reported CET1 total for Peer 3 is 8.6% Common equity tier 1 capital ratio (CET1) (% and bps) Strongest CET1 ratio of Australian bank peers on a like for like basis after adjusting for wealth leverage2,3,4 2H13 1H14 2H14 Common equity tier 1 capital ratio 9.1 8.8 9.0 Additional tier 1 capital 1.6 1.5 1.6 Tier 1 capital ratio 10.7 10.3 10.6 Tier 2 capital 1.6 1.8 1.7 Total regulatory capital ratio 12.3 12.1 12.3 Risk weighted assets (RWA) ($bn) 307 322 331 Internationally comparable1 common equity tier 1 ratio 13.3 13.1 13.1 Capital deployed over FY14 included Special dividend to shareholders (10bps) Acquisition of Lloyds (37bps) Supporting Credit RWA growth which improved through the year 2H14 movements in capital included: Cash earnings net of ordinary dividends paid (32bps) Supporting growth in the business increased RWA (23bps) Other includes cash earnings adjustments (3bps) and lower capital deductions (3bps) Net increase in Additional Tier 1 capital in 2H14 of 12bps from issue of Westpac Capital Notes 2 and retirement of Westpac SPS II Internationally comparable CET1 capital ratio 13.09%. On a total regulatory capital basis the ratio is 17.2% 9.10 8.82 116 6 8.97 13.09 (84) (23) 30 Sep 13 Basel III 31 Mar 14 Basel III Cash Earnings Interim ordinary dividend RWA movement Other 30 Sep 14 Basel III 30 Sep 14 Int'l Comp1 Key movements in capital Key capital ratios (%) 9.0 8.6 8.6 8.2 0.2 0.7 0.5 Westpac Peer 1 Peer 2 Peer 3

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Internationally comparable CET1 capital ratio at upper end of top quartile of global peers 62 1 Based on PwC report, refer slide 146 for definition of internationally comparable. 2 As at 31 December 2013. 3 As at 31 March 2014. 4 As at 30 April 2014. 5 As at 30 June 2014. 4. 6 As at 30 September 2014. Global peer comparison of Basel III pro forma CET1 capital ratios1 (%) 13.1 1 2 3 4 5 WBC 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Peer banks in table ranked 1. Nordea5 10. DBS5 19. ICBC3 28. Sumitomo Mitsui3 37. Bank of America5 46. Commerzbank AG5 2. CBA5 11. Deutsche5 20. Standard Chartered5 29. RBS5 38. JP Morgan Chase5 47. Toronto Dominion4 3. UBS5 12. NAB6 21. Citigroup5 30. Wells Fargo5 39. Goldman Sachs2 48. China Merchants3 4. Rabobank2 13. HSBC5 22. Societe Generale5 31. Barclays5 40. Bnk of Nova Scotia4 49. Banco do Brasil5 5. Dankse5 14. OCBC5 23. ING Group5 32. Bank of Comm3 41. RB of Canada4 50. Nat Bnk of Canada5 6. Westpac6 15. Natixis5 24. Morgan Stanley2 33. BBVA5 42. Bank of Montreal4 51. Mizuho FG3 7. Intesa Sanpaolo5 16. Group BPCE5 25. Mitsubishi UFG3 34. BNY Mellon5 43. Bank of China3 52. China Minsheng3 8 State Street5 17. Lloyds5 26. UniCredit5 35. Bank of Comm4 44. Credit Suisse5 9. ANZ6 18. CCB3 27. BNP Paribas5 36. Credit Agricole S.A5 45. Agri Bank of China3

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Internationally comparable capital ratio 63 APRA has maintained its conservative stance in setting capital standards, APRA rules for “specialised lending” (corporate lending to project finance, certain real estate exposures, commodity APRA’s rules require the inclusion of IRRBB within Pillar 1 risk weighted assets for banks using Advanced Internal APRA’s rules typically require AIRB banks to risk weight 100% of undrawn commitments in the AIRB bank’s resulting in a significant variance between capital measured under APRA and the Basel III Framework pit sets out the basis for an internationally comparable CET1 ratio for the major Australian banks, using the findings from the Basel Committee for y PwC as areas where implementation is different to other jurisdictions 8.97% Capital deductions APRA requires 100% deductions from capital for DTA, intangibles relating to capitalised expenses and all investments (e.g. financial institutions, funds management and insurance subsidiaries). The Basel Framework allows a concessional threshold before these deductions apply. Assets below the threshold can be risk weighted 112bps Mortgage loss given default (LGD) 20% floor The Basel Framework imposes a 10% floor in downturn loss given default (LGD) models used for residential mortgages, whereas APRA imposes a 20% floor. A 15% flat LGD is has been assumed as a reasonable proxy 47bps Specialised lending finance, etc) are more conservative than those contained in the Basel Framework and / or which are applied by most other prominent jurisdictions 64bps Interest rate risk in the banking book (IRRBB) Ratings Based (AIRB) approaches. IRRBB is not required to be assessed under Pillar 1 in the Basel Framework. It is highlighted as a risk that may be taken into account in assessing Pillar 2 capital ratios 20bps Undrawn corporate lending EAD1 corporate loan book. It is considered reasonable to apply the Foundation Internal Ratings Based (FIRB) conversion factor of 75% to the undrawn commitments in the AIRB banks corporate loan books 34bps Unsecured corporate lending LGD2 It is considered reasonable to apply the FIRB assumption of 45% LGD to unsecured corporate lending, which is typically lower than the APRA-approved LGD. This brings Australian banks more in line with banks in other jurisdictions 68bps Expected loss adjustment The amount of expected loss in excess of eligible provisions needs to be adjusted as a result of the RWA adjustments above 20bps Other Other minor items and interaction effects between capital and RWA adjustments 47bps Internationally comparable CET1 ratio 13.09% 1 EAD is exposure at default. 2 LGD is loss given default.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack RWA increase from good business growth 64 1 Credit RWA movements impacted by rounding. RWA movements RWA movements ($bn) Attribution of credit RWA movements ($bn)1 Credit RWA movements ($bn) 1 260.3 272.0 281.5 9.6 1.6 (0.7) (1.0) 2H13 1H14 Net growth Foreign exchange Credit quality Mark-to-market related credit risk 2H14 Up 3.5% 260.3 272.0 281.5 5.1 2.3 (0.2) 1.7 0.9 0.4 (0.7) 2H13 1H14 Corporate Residential mortgages Other retail Specialised lending Securitisation Standardised Other 2H14 Up 3.5% 307.4 322.5 331.4 9.4 0.9 1.3 (1.6) (1.1) 2H13 1H14 Credit risk Market risk Operational risk IRRBB Other 2H14 Up 2.8% Total RWA increased 2.8% Credit RWA increased 3.5% or $9.4bn, from growth in lending (primarily mortgage, corporate and property portfolios), the impact of the lower A$ on offshore assets and foreign currency commitments and higher markto- market related credit risk. This was partly offset by the continued runoff of stressed assets Market risk RWA down 15% primarily due to lower market volatility Operational risk RWA up $0.9bn (3%) due to updated modelling to reflect operational risk losses experienced by other financial institutions globally Lower interest rate risk in the banking book (IRRBB) from a reduction in exposure to interest rates

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 65 Internal models are based on through-the cycle estimates for default rates and downturn estimates for LGD Conservatism is built into risk models as observed rates significantly better than those predicted by risk models The observed rates reflect the actual outcomes observed since the time of Advanced IRB accreditation for each portfolio. Westpac received Advanced accreditation in 20081 Significant allowance for expected loss for the portfolio Regulatory expected loss $m Actual losses $m (12 months) Default rate Loss given default Regulatory Observed Regulatory Observed Corporate 827 171 2.27% 1.19% 51% 39% Business lending 768 234 2.25% 1.59% 34% 21% Sovereign 3 - 0.24% - - - Bank 22 - 0.51% - - - Residual mortgages 811 121 0.67% 0.59% 20% 6% Australian credit cards 304 288 1.51% 1.43% 76% 57% Other retail 456 190 4.42% 2.86% 70% 53% Small business 213 72 2.53% 1.67% 33% 21% Specialised lending 1,232 174 NA 2.51% NA 27% Conservative model risk estimates1 Basis for determining RWA 1 Compares regulatory credit risk estimates used in the calculation of RWA to the average of actual outcomes since the time of Advanced IRB accreditation for each portfolio. . RWA conservatively determined

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Actively managing capital across Group and business units to optimise returns 66 7.1 7.4 8.2 9.1 9.0 16.1 16.0 15.4 15.9 16.4 FY10 FY11 FY12 FY13 FY14 CET1 ROE 1 ROA is return on average interest-earning assets. 2 AOE is average ordinary equity. 3 Capital for the Group is average ordinary tangible equity. 4 Other includes Group Businesses including Treasury and Westpac Pacific. Actively managing returns ROE and CET1 (%) Return on average interest-earning assets (AIEA) (%) Allocated capital and ROTE FY12 FY13 FY14 Net interest margin 2.17 2.15 2.08 Non-interest income 0.96 0.99 0.98 Operating income 3.13 3.14 3.06 Operating expenses (1.29) (1.29) (1.27) Cash earnings (ROA1) 1.14 1.18 1.18 Leverage (AIEA/AOE2) 13.56 13.53 13.93 ROE 15.4 15.9 16.4 Returns improved while increasing capital Rise in ROE in FY14 achieved with effective management of capital and little change to ROA1 Higher ROTE for Group given earnings growh and no capital issued in FY14 Continue to refine capital allocation model with more capital dispersed to divisions in FY14 Capital held centrally includes: surplus capital, capital for Treasury, and capital for future dividend payments Division FY13 FY14 Capital ($m) ROTE (%) Capital ($m) ROTE (%) Comments on movements in allocated capital Group3 33,850 20.9 35,897 21.2 Westpac RBB 8,558 27.5 9,673 26.7 Regulatory capital loading & increase in housing St.George 6,161 22.6 7,318 21.6 Regulatory capital loading & Lloyds acquisition BTFG 2,832 27.3 2,842 31.5 Excess capital returned to Group WIB 7,702 20.4 7,979 18.4 Higher capital allocated with uplift in lending Westpac New Zealand (A$) 3,291 19.2 3,750 21.1 Business growth and exchange rate impacts Other4 5,306 6.3 4,335 7.2 Capital for dividends & Treasury, more allocated to divisions

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Stable Funding Ratio 83% 67 1 APRA Banking Statistics September 2014 2 Excluding securitisation. 3 2008 does not include St.George. 4 Equity excludes FX translation, Available-for-Sale Securities and Cash Flow Hedging Reserves. Funding composition by residual maturity (%) Stable Funding Ratio 83%, down 28bps (down 73bps FY14/FY13) Asset growth over the year, including the acquisition of the Lloyds business in December 2013 was funded primarily through customer deposits and new term wholesale funding. An increase in short term funding was used to fund growth in short term assets Customer deposits increased by $27bn over FY14, with a focus on deposit quality Household deposits growth 1.2x system1 over FY14 Term wholesale funding increased $8bn over FY14 Term funding raised in FY14 ($33bn) had a weighted average tenor of 4.7 years2, providing a stable source of funds for the bank Short term funding increased $13bn over FY14, supporting an increase in short dated assets, mainly growth in trade finance in Asia and Australia Weighted average maturity of short term funding portfolio little changed at 144 days 44 58 61 60 5 7 7 7 1 2 2 2 10 11 9 9 4 5 5 5 20 10 9 10 16 7 7 7 FY08 FY12 FY13 FY14 Wholesale Onshore <1yr Wholesale Offshore <1yr Wholesale Onshore >1yr Wholesale Offshore >1yr Securitisation Equity Customer deposits Stable Funding Ratio 64% 84% 83% 83% 3 4 16

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Strong liquidity position on track for introduction of LCR 68 1 Calculated on a spot basis as at 30 September 2014, including the CLF approved by APRA of $66bn for calendar year 2015. 2 HQLA of $59bn includes cash at hand (including ATMs) and other LCR qualifying liquid assets including BS-13 qualifying liquids, less RBA open repos funding end of day ESA balances with the RBA. 3 Includes RBA open repos funding end of day ESA balances with the RBA. 4 Other flows includes credit and liquidity facilities, collateral outflows and inflows from customers. 5 Private securities include Bank paper, RMBS, and Supra-nationals. 6 Includes long term wholesale funding with a residual maturity less than 1 year. Group pro-forma Liquidity Coverage Ratio1 ($bn) Westpac is well positioned for the introduction of the Liquidity Coverage Ratio (LCR) Westpac Group pro-forma LCR1 103% at 30 September 2014 As the Group transitions towards LCR implementation, further initiatives are planned to deliver a suitable buffer above 100% The LCR requires banks to hold 100% of their net cash outflows over a 30-day stressed scenario in qualifying liquid assets Westpac held $59bn of High Quality Liquid Assets (HQLA) at 30 September 2014 In addition, APRA has approved access to the Committed Liquidity Facility (CLF) for $66bn for calendar year 2015 CLF provides access to the approved amount of liquidity through repo arrangements with the RBA, for a 15bps fee per annum (equates to $74m in FY15) For draws on the CLF, an additional 25bps fee is charged above the LCR rules apply for Australian banks from 1 January 2015, with no transition arrangements New disclosure commences 1H15 $134.4bn in unencumbered liquid assets held at 30 September 2014 Securities are eligible for repo with a central bank Sufficient to cover all short term debt outstanding (including long term debt with a residual maturity less than one year) Differs from LCR qualifying liquid assets due to applicable haircuts and eligibility criteria Liquid assets ($bn) 41.8 44.2 54.6 114.7 25.6 27.3 21.7 42.8 54.1 58.1 FY12 FY13 FY14 Short term outstanding debt FY14 Self securitisation Private securities Cash, government and semi-government bonds 6 110.2 125.6 134.4 5 High Quality Liquid Assets2 (HQLA) 59 Committed Liquidity Facility3 (CLF) 66 Total LCR liquid assets 125 Customer deposits 75 Wholesale funding 20 Other flows4 26 Total cash outflows in a 30-day defined stressed scenario 121 Pro-forma LCR1 103%

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack New term issuance well diversified, benefit from broad product capabilities 69 55 22 13 3 4 3 By type Senior Unsecured Covered Bonds RMBS ABS Hybrid Subordinated Debt 115 115 144 142 17 17 20 21 Westpac Peer 1 Peer 2 Peer 3 Short term funding ($bn) Short term funding to total funding including equity (%) 15 23 17 21 16 23 23 29 Peer 1 Peer 2 Peer 3 Westpac Remaining capacity (8% cap & overcollateralisation) ($bn) Issued ($bn) 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months, excluding US Commercial Paper. 2 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. 3 Tenor excludes RMBS and ABS. 4 Perpetual sub-debt has been included in >FY19 maturity bucket. Maturities exclude securitisation amortisation. 5 Sources: Westpac, APRA Banking Statistics August 2014. 6 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year. Source: Westpac, Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2014, Peer 2 as at 30 June 2014. FY14 new term issuance composition1 (%) Australian covered bond issuance5 FY14 term debt issuance and maturity profile1,2,4 ($bn) Low level of short term funding 4 7 25 2 44 18 By tenor 1 Year 2 Years 3 Years 4 Years 5 Years >5 years 38 37 18 3 1 3 By currency AUD USD EUR JPY GBP Other 45 43 25 33 22 33 25 21 26 16 16 14 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 >FY19 Covered Bond Hybrid Senior Govt Guaranteed Sub Debt 6 6 Issuance Maturities 49 49 43 43 Peer 1 Peer 2 Peer 3 Westpac % Capacity utilised 2,3

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 71 Asset composition as at 30 September 2014 (%) Exposure by risk grade as at 30 September 2014 ($m) Australia NZ / Pacific Asia Americas Europe Group % of Total AAA to AA- 86,621 7,872 800 17,086 1,449 113,828 13% A+ to A- 30,962 4,851 6,327 2,943 2,102 47,185 5% BBB+ to BBB- 53,271 7,628 7,096 1,050 1,784 70,829 8% BB+ to BB 63,627 9,700 1,482 327 62 75,198 8% BB- to B+ 57,925 8,819 - 8 6 66,758 8% <B+ 7,051 1,552 - 55 83 8,741 1% Secured consumer 404,196 42,657 497 - - 447,350 51% Unsecured consumer 45,531 4,548 245 - - 50,324 6% Total committed exposures 749,184 87,627 16,447 21,469 5,486 880,213 Exposure by region1 (%) 85% 10% 2% 2% <1% 100% High quality portfolio bias to secured consumer lending 1 Exposure by booking office. 3 1 11 5 75 2 3 Cash and balances with central banks Receivables due from other financial institutions Trading securities, financial assets at fair value and available-for-sale securities Derivative financial instruments Loans Life insurance assets Other assets On balance sheet lending Total assets 67 18 11 4 Housing Business Institutional Other consumer

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack A well diversified portfolio across industries and large exposures 72 1 Exposures at default represents an estimate of the amount of committed exposure expected to be drawn by the customer at the time of default. Chart excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5 Non-Bank Financial Institutions. 6 Includes St.George from 2009 onwards. Exposures at default1 by sector ($m) Top 10 exposures to corporations and NBFIs5 as a % of TCE6 (%) 2.0 1.9 1.4 1.3 1.1 1.2 1.3 1.1 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Largest corporation/NBFI single name exposure represents less than 0.2% of TCE 0 40,000 80,000 120,000 Other Mining Accommodation, cafes & restaurants Construction Utilities Transport & storage Agriculture, forestry & fishing Services Property & business services Government admin. & defence Manufacturing Wholesale & Retail Trade Property Finance & insurance 2H13 1H14 2H14 Top 10 exposures to corporations & NBFIs5 as at 30 September 2014 ($m) 0 300 600 900 1,200 1,500 A BBBBBBA A AA AA+ BBB S&P rating or equivalent 2 3 4

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Commercial property portfolio well diversified, low levels of stress 73 63 61 54 53 50 48 51 51 52 54 56 62 9.6 9.1 8.0 7.7 7.1 6.5 6.9 6.8 6.7 6.6 6.7 7.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Commercial property exposure ($bn) Commercial property as % of TCE 56 17 17 10 Commercial offices & diversified groups Residential Retail Industrial Commercial property portfolio (TCE) classified as stressed (%) Commercial property by borrower type (%) Commercial property by sector (%) Commercial property by region (%) 16 11 8 6 5 8 46 NSW & ACT VIC QLD SA & NT WA NZ & Pacific Institutional Commercial property exposures size ($bn) and % of TCE 15.5 2.3 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 43 10 25 22 Exposures <$10m Developers >$10m Investors >$10m Diversified property groups and property trusts >$10m

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Portfolio stress continues to reduce 74 0.13 0.24 0.57 0.67 0.62 0.60 0.58 0.56 0.44 0.34 0.27 0.13 0.15 0.29 0.46 0.41 0.40 0.35 0.35 0.31 0.28 0.26 0.62 0.91 2.23 2.07 1.45 1.26 1.24 1.03 0.85 0.75 0.71 0.88 1.30 3.09 3.20 2.48 2.26 2.17 1.94 1.60 1.37 1.24 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0.0 1.0 2.0 3.0 4.0 FY07 FY08 FY09 FY10 FY11 1H12 2H12 1H13 2H13 1H14 2H14 Impaired (lhs) 90+ days past due well secured (lhs) Watchlist & substandard (lhs) IAP (rhs) Total Provisions (rhs) CAP (inc. economic overlay) (rhs) 2H13 1H14 2H14 Collectively assessed provisions to credit RWA 99bps 97bps 93bps Collectively assessed provisions to performing nonhousing loans 142bps 134bps 129bps Impairment provisions to impaired assets 43% 46% 45% Total provisions to gross loans 73bps 67bps 60bps 11.6 (0.02) (0.33) (0.02) (0.15) (0.24) 0.03 10.9 1H14 WRBB SGB BT WIB NZ Pacific & Other 2H14 1 FY07 and FY08 do not include St.George. Provisioning coverage ratios Movement in stressed exposures ($bn) Stressed exposures as a % of TCE and provisions1 ($bn) % $bn

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Improvement in portfolio quality across most sectors 75 1,798 2,149 1,218 1,748 1,519 1,343 1,060 1,194 997 958 708 609 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 162 531 568 872 925 745 792 738 886 1,232 1,179 731 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 New and increased gross impaired assets ($m) Gross impaired assets returned to performing or repaid ($m) Stressed exposures by industry ($bn) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Property & business services Retail lending Wholesale & Retail Trade Agriculture, forestry & fishing Manufacturing Transport & storage Accommodation, cafes & restaurants Construction Mining Finance & insurance Services Utilities Other 2H13 1H14 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Provision cover by portfolio category 76 Exposures as a % of TCE 0.58 0.44 0.34 0.27 0.35 0.31 0.28 0.26 1.24 0.85 0.75 0.71 98.63 1H13 2H13 1H14 2H14 Fully performing portfolio Watchlist & substandard 90+ days past due well secured Impaired 98.06 98.40 98.76 Fully performing portfolio Small cover as low probability of default (PD) Includes economic overlay 0.24 0.23 0.23 0.22 Provisioning to TCE (%) 1H13 2H13 1H14 2H14 Watchlist & substandard Still performing but higher cover reflects elevated PD 6.74 6.36 6.73 6.76 90+ days past due well secured In default but strong security 5.37 5.36 5.23 5.06 Impaired assets In default. High provision cover reflects expected recovery 40.24 43.16 46.43 44.77 Collective provisions Impaired asset provisions

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian unsecured lending portfolio continues to perform well 77 Unsecured consumer asset quality has remained strong as continuing low interest rates have assisted debt serviceability decisioning has been maintained Total Australian consumer unsecured delinquencies decreased 13bps to 102bps (down 4bps FY14/FY13) Changes in delinquencies in 2H14 reflect normal seasonal trends Australian credit card 90+ days delinquencies were down 17bps to 82bps (down 11bps FY14/FY13) Average payments to balance ratio remains strong, however reduced 30bps to 48.4% Australian personal loan portfolio (including auto loans) 90+ days delinquencies were down 12bps to 105bps (down 1bp FY14/FY13) Auto loan portfolio increased to $7.7bn following acquisition of Lloyds in December 2013 Australian auto loan 90+ days delinquencies were down 11bps to 82bps (up 6bps FY14/FY13) 1 Cards average payments to balance ratio is calculated using the average payment received compared to the average statement balance at the end of the reporting month. Australian credit card average payments to balance ratio1 (%) Australian unsecured lending portfolio as at 30 September 2014 ($bn and %) Australian unsecured lending 90+ days delinquencies (%) 0.82 1.42 1.02 0.82 - 0.50 1.00 1.50 2.00 2.50 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Credit cards Personal loans (excl Auto loans) Total unsecured lending Auto loans 44 21 35 Credit cards Personal loans Auto loans 9.9 4.6 7.7 2H14 39.7 39.8 41.4 45.6 45.2 42.7 43.8 43.7 44.6 44.7 45.3 45.4 46.6 47.7 48.7 48.4 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 22.2 %

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian housing loan-to-value (LVR) ratios (%) Australian housing portfolio by State (%) Australian mortgage portfolio high levels of borrower equity 78 1 Flow is all new mortgage originations settled during the 6 month period ended 30 September 2014 and includes RAMS. 2 Excludes RAMS. 3 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 4 Property valuation source Australian Property Monitors. 5 Average LVR of new loans is based on rolling 12 month window. 6 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled payments. 7 Mortgage insurance claims 2H14 $6m (1H14 $3m, 2H13 $14m). 8 ABA Cannex August 2014. 0 10 20 30 40 50 NSW & ACT VIC & TAS QLD WA SA & NT Australian banking system Total Westpac portfolio (all brands) FY14 Westpac drawdowns (all brands) 0 20 40 60 80 0<=60 60<=70 70<=80 80<=90 90<=95 95+ FY14 drawdowns LVR at origination Portfolio LVR at origination Portfolio dynamic LVR Australian housing portfolio 2H13 balance 1H14 balance 2H14 balance 2H14 flow1 Total portfolio ($bn) 328.5 338.0 351.0 36.9 Owner-occupied (%) 47.9 47.6 47.1 45.9 Investment property loans (%) 43.1 44.0 45.2 51.2 Portfolio loan/line of credit (%) 9.0 8.4 7.7 2.9 Variable rate / Fixed rate (%) 81 / 19 81 / 19 78 / 22 80 / 20 Low Doc (%) 4.7 4.2 3.8 1.1 Proprietary channel (%) 58.0 57.5 56.6 53.4 First Home Buyer (%) 11.4 10.9 10.3 6.6 Mortgage insured (%) 23.3 22.2 21.3 12.2 2H13 1H14 2H14 Average LVR at origination2 (%) 69 69 70 Average dynamic2,3,4 LVR (%) 46 47 44 Average LVR of new loans2,5 (%) 72 72 71 221 223 229 Customers ahead on repayments, including offset accounts2,6 (%) 71 73 73 Actual mortgage losses (net of insurance)7 ($m) 43 45 55 Actual mortgage loss rate annualised (bps) 3 2 3 <7% portfolio with dynamic LVR >80% 8

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 0 5 10 15 20 25 30 Behind On Time < 1 Month < 1 Year < 2 Years > 2 Years Sep-13 Mar-14 Sep-14 Mortgage customers continuing to repay ahead of schedule 79 Australian mortgage customers continue to display a cautious approach to debt levels, taking advantage of historically low mortgage rates to pay down debt Including mortgage offset account balances, 73% of customers are ahead of scheduled payments, with 22% of these being more than 2 years ahead level of residential mortgage arrears and losses Credit policies are broadly aligned across brands and all credit decisions are made by the Westpac Group, regardless of the origination channel Loan serviceability assessments include an interest rate buffer, adequate surplus test and discounts to certain forms of income (e.g. dividends, bonus or rental income) Westpac has a minimum assessment rate, often referred to as a floor rate, currently set at 6.80% p.a. across all brands In the current interest rate environment, the minimum assessment rate is at least 180bps higher than the standard lending rate 1 Excludes RAMS. 2 Customer loans ahead on payments exclude equity loans/line of credit products as there are no scheduled pri Australian home loan customers ahead on repayments1,2 (%) Aust. mortgage offset account balances ($bn) Australian mortgage1 balance growth ($bn) 73% ahead on repayments 313 67 32 335 (13) (30) (27) (7) FY13 New lending Redraw/ Interest/fees Contract repayments Accelerated repayments Property sales & other runoff External refinance FY14 8 10 12 13 15 16 18 21 24 FY09 FY10 FY11 1H12 2H12 1H13 2H13 1H14 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian investment property portfolio sound origination profile 80 1 Excludes RAMS. 2 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 3 Property valuation source Australian Property Monitors. 4 Average LVR of new loans is based on rolling 12 month window Strong origination standards High levels of equity in the portfolio Loan-to-value ratio at origination1 (%) Applicants by gross income band1 (%) 0 5 10 15 20 25 <=50 50<=75 75<=100 100<=125 125<=150 150<=200 200<=500 500<=1m 1m+ Owner Occupied IPL 0 10 20 30 40 50 0-60 60-70 70-75 75-80 80-85 85-90 90-95 95-97 97+ Owner Occupied IPL Investment property loans (IPLs) are 45.2% mortgage portfolio Compared to owner-occupied applicants, IPL applicants on average are older (75% over 35 years), have higher incomes and higher credit scores 87% of IPLs originated at or below 80% LVR Majority of IPLs are interest-only, however the repayment profile closely tracks the profile of the principal and interest portfolio 61% of interest-only IPL customers ahead on repayments IPL 90+ days delinquencies 37bps (down 2bps), compared to 47bps for total portfolio IPL portfolio losses represent an annualised loss rate of 3bps (net of insurance claims1) in line with total portfolio losses of 3bps Self-managed Superannuation Fund balances are a very small part of the portfolio, at <1% of Australian mortgage balances All IPLs are full recourse Loan serviceability assessments include an interest rate buffer, minimum assessment rate, adequate surplus test and discounts to certain forms of income (e.g. dividends, bonus or rental income) All IPLs are assessed on a principal & interest basis, including interestonly loans Specific credit policies apply to IPLs to assist risk mitigation, including Holiday apartments subject to tighter acceptance requirements Additional LVR restrictions apply to single industry towns Minimum property size and location restrictions apply Australian IPL portfolio FY14 Average LVR at origination1 (%) 71 Average dynamic1,2,3 LVR (%) 49 Average LVR of new loans1,4 (%) 70 286 Customers ahead on repayments, including offset accounts1 (%) 65

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian mortgage delinquencies at low levels 81 1 Mortgage insurance claims 2H14 $6m (1H14 $3m, 2H13 $14m). - 0.5 1.0 1.5 2.0 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 90+ Past Due Total 90+ First Home Buyer 90+ Investor 30+ Past Due 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 ALL NSW/ACT VIC/TAS QLD WA SA/NT Delinquencies Sustained period of low interest rates and a continued conservative approach to debt by borrowers has supported very strong credit quality 90+ days delinquencies remain low at 47bps, down 3bps (down 6bps FY14/FY13) 30+ days delinquencies 108bps, down 20bps (down 12bps FY14/FY13) reflecting some seasonality and low interest rates Investment property loans 90+ days delinquencies 37bps (down 2bps), compared to 47bps for total portfolio Properties in possession Properties in possession of 194 at September 2014, up from 189 at March 2014 (353 at September 2013). Represents <2bps of the portfolio Australian mortgages delinquencies (%) Australian mortgage loss rates (bps) Australian mortgages delinquencies by state (%) 3 3 2 11 FY14 total portfolio FY14 IPL portfolio FY14 Owner Occ. portfolio 1992 total portfolio (last recession) Portfolio losses of $100m represent an annualised loss rate of 3bps (net of insurance claims1) Loss rates remain very low by international standards due to supportive economic environment, sound underwriting standards, high levels of borrower equity, mortgage insurance and active collections strategies

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Lenders mortgage insurance 82 2H13 1H14 2H14 Insurance claims ($m) 14 3 6 WLMI loss ratio3 (%) 39 10 27 Gross written premiums ($m) 25 24 28 1 Prudential Capital Mortgages are insured through Westpac’s LVR >60% to < 80% Requirement (PCR) determined by APRA. WLMI’s portfolio 2 Insured coverage is net of quota share. 3 Loss ratio is claims over the total of earned premium plus reinsurance plus exchange commission. Lenders mortgage insurance Australian mortgage portfolio (%) Insurance statistics 78.7 10.2 11.1 Not insured Insured by third parties Insured by WLMI Lenders mortgage insurance (LMI) provides benefits to the Westpac Group Risk transfer / loss mitigation Improvement in the quality of risk acceptance via the additional layer of independent review provided by the mortgage insurers captive mortgage insurer, Westpac Lenders Mortgage Insurance (WLMI), and through external LMI providers, based on risk profile WLMI provides the Westpac Group with an increased return on the mortgages it insures through the capture of underwriting profit WLMI is strongly capitalised (separate from bank capital) and subject to APRA regulation. Capitalised at 1.40x PCR1 Scenarios confirm sufficient capital to fund claims arising from events of severe stress estimated losses for WLMI from a 1 in 200 year event are $163m (net of reinsurance recoveries). This is lower compared to 1H14 in line with reductions in 2 LVR Band Low Doc LVR LVR >90% Insurance Not required Generally insured through captive insurer, WLMI. LMI not required for certain approved borrower groups. LMI required by all Low Doc borrowers where Insured externally. Westpac originated loans insured through QBE LMI; St.George and RAMS loans through Genworth Australia Reinsurance Not required 40% risk retained by WLMI. 60% risk transferred through quota share with Genworth Australia, QBE LMI, Arch Re and Tokio Millennium Nil as Group retains no risk

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Mortgage portfolio stress testing outcomes 83 Westpac regularly conducts a range of portfolio stress tests as part of its regulatory and risk management activities The Australian mortgage portfolio stress testing scenario presented represents a severe conditions are manageable and within the Group’s risk appetite and recession and assumes that significant reductions in consumer spending and business investment lead to six consecutive quarters of negative GDP growth. This results in a material increase in unemployment and nationwide falls in property and other asset prices Estimated Australian housing portfolio losses under these stressed capital base Cumulative total losses of $2.2bn over three years for the uninsured portfolio Cumulative claims on LMI, both WLMI and external insurers, of $793m over the three years WLMI separately conducts stress testing to ensure it is sufficiently capitalised to cover mortgage claims arising from a stressed mortgage environment Preferred capital ranges incorporate buffers at the Westpac Group level that consider the combined impact on the mortgage portfolio and WLMI of severe stress scenarios 1 Assumes 30% of LMI claims will be rejected in a stressed scenario. 2 Stressed loss rates are calculated as a percentage of mortgage exposure at default. Key assumptions Stressed scenario Current Year 1 Year 2 Year 3 Portfolio size ($bn) 351 339 332 330 Unemployment rate (%) 6.1 11.6 10.6 9.4 Interest rates (cash rate, %) 2.5 1.25 1.25 1.25 House prices (% change cumulative) 0.0 (13.0) (22.4) (26.2) Annual GDP growth (%) 2.9 (3.9) (0.2) 1.7 Key outcomes Stressed losses (bps) (net of LMI recoveries)1,2 3 26 32 7 Australian mortgage portfolio stress testing as at 30 September 2014

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack AFS consistent track record of cash earnings growth 85 4,032 4,520 5,057 FY12 FY13 FY14 4,520 628 459 109 5,057 (383) (276) FY13 Net II Non-II Expenses Impairment charges Tax & NCI FY14 5,057 4,520 227 188 122 FY13 WRBB SGB BTFG FY14 2,324 122 142 84 2,461 243 47 2,596 (120) (91) (91) (11) (53) 2H13 Net II Non-II Expenses Impairment charges Tax & NCI 1H14 Net II Non-II Expenses Impairment charges Tax & NCI 2H14 AFS represents 67% of Group cash earnings Cash earnings up 5% to $2,596m All AFS businesses contributed to the strong performance. Lloyds contributed a cash earnings impact of $33m in 2H14 ($14m in 1H14) Net interest income up $243m (5%), with improved balance sheet momentum and net interest margin well managed, up 3bps Non-interest income up $47m (2%) driven by increased credit card activity, higher business line fees and solid wealth revenues offsetting drop in performance fees Expenses up $91m (3%), impacted by investment in the businesses, compliance spend and technology costs Impairment charges up $11m (3%) with the overall improvement in the portfolio continuing, but at a slower pace than 1H14 Key features of AFS in 2H14 Cash earnings movement ($m) Cash earnings ($m) and contribution (%) Cash earnings movement ($m) Cash earnings contribution ($m) 51% 31% 18% WRBB SGB BTFG Up 12% Up 12% Up 6% Up 5% AFS

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack All divisions contributing to growth 86 1 CAGR represents compound average growth rate from 1H12 to 2H14. 2 RBA Financial Aggregates, September 2014. 3 APRA Banking Statistics, Recently launched BT Panorama has $355m on ‘BT Cash’ provider details. 5 Includes 24/7 lobbies. 6 Forrester’s 2014 Australian Mobile Banking Functionality Benchmark: It’s All September 2014. 4 Refer slide 148 for wealth metrics appening Down Under. 7 Does not include sales through contact centres or brokers. 8 Refer slide 148 for customer satisfaction metrics. Increase in balance sheet momentum across the business - Mortgages at 1.0x system2, up from 0.9x in 1H14 and 0.7x in 2H13 - Business lending up 2% - Credit cards continued to grow above system3 while system contracted Lloyds integration executed in line with plan, strong customer and dealership growth during integration period, and cost synergies realised Co-ordination between banking and wealth delivering BT cash earnings up 16% on FY13. WRBB customers with a wealth product lead sector4 at 21.9% Banking customer numbers up 6% and MyBank customer numbers as a percentage of our total customers were up 55bps to 25.0% over FY14 Delivering growth while maintaining a strong focus on asset quality AFS branch network reconfiguration well under way - WRBB: 61 Bank Now sites opened5 with Smart ATMs and new digital technology. Rolled out 92 Connect Now locations for SMEs - SGB: 144 FreshStart branches and Business Connect in 140 branches Technology investment delivering improved customer interactions - 2.7m customers on Westpac Live, global leading Australian mobile banking app capability6 - - 67m pro-active service messages sent to >80% of customers in FY14 Digital is driving sales and service improvements in FY14: around 50%7 of AFS new credit card sales were completed via digital; 1.33m accounts converted to e-statements; and 6,000+ Livechats a month occurred WRBB No. 1 of majors in both consumer and business satisfaction8 SGB ahead of majors in both consumer and business satisfaction8 Total customer complaints down 27% in FY14 AFS growth, meeting all our customer needs Continuing to improve the customer experience 1,031 554 317 1,127 635 368 1,142 691 363 1,213 701 410 1,251 772 438 1,331 808 457 WRBB SGB BTFG 1H12 2H12 1H13 2H13 1H14 2H14 3,187 3,400 3,517 3,734 3,878 4,077 1H12 2H12 1H13 2H13 1H14 2H14 10% CAGR1 16% CAGR1 15% CAGR1 10% CAGR1 AFS All business units delivering sustainable cash earnings growth ($m) Core earnings growth ($m)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Digital transformation continues 87 Rfi, Australian Mobility Banking Program. Shift in payment transactions FY14 FY11 (%) AFS active digital customers now at 4 million up from 3.7m last year Percentage of total customers base up 98bps to 42.9% (up 220bps FY14/FY13) 2.4 million active mobile customers with percentage of digital sessions conducted via mobile up 5 percentage points to 56.6% (up 11 percentage points FY14/FY13) Digital sales accounted for 10.5% of total core retail banking sales, down 12bps (up 90bps FY14/FY13) Westpac Live global leading Australian mobile banking app capability1 Number 1 ranking in mobile customer satisfaction for St.George in June 2014 quarter compared with the other major Australian banks2 Digital growth deepening relationships and improving service Continuing to roll-out new products 2H12 1H13 2H13 1H14 2H14 Active digital customers (% of total customer base) 38.5 39.5 40.7 41.9 42.9 % of digital sessions via mobile 36.1 43.5 46.1 51.3 56.6 AFS digital banking logins (m) 268 288 320 338 359 Digital sales as a % of total core retail banking sales 8.2 10.2 9.1 10.6 10.5 AFS 40.2% 35.8% 29.8% (3.2%) (11.0%) (26.9%) (35.8%) Digital EFTPOS Direct Entry Branch ATM Telephone Cheques Mobile Tap & Pay and Mobile Payway Consumers can now download their cards to the Proximity app and make contactless mobile payments. Business customers can accept payments using the new Payway app and secure card reader WRBB Emergency Cash allowing WRBB customers to make Cardless cash withdrawals from WestpacATMs across Australia without a debit card on their person, by telephoning a call centre WRBB mobile Get Cash allowing customers to securely generate cash codes via the Westpac Mobile app to access cash from an ATM without using their card

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Structural change improving productivity 89 1 Includes 24/7 lobbies. Expenses increased 3% (up 2% excluding Lloyds) Expenses up 7% FY14/FY13 (up 5% excluding Lloyds FY14/FY13) Simplification and service revolution continues to deliver structural productivity Total of 205 FreshStart and Bank Now branches1 Digital channels are now generating 10.4% of total retail sales Complaints down 18% (down 27% FY14/FY13) Expense to income ratio down 50bps to 43.2% (down 69bps FY14/FY13) Revenue per FTE up 2% (up 6% FY14/FY13) from a focus on branch productivity and lifting branch sales staff as a percentage of total branch staff 2,736 2,775 2,840 2,892 3,012 3,103 1H12 2H12 1H13 2H13 1H14 2H14 46.2 44.9 44.7 43.6 43.7 43.2 1H12 2H12 1H13 2H13 1H14 2H14 Disciplined expense management ($m) Expense to income ratio (%) 304 322 334 347 357 365 1H12 2H12 1H13 2H13 1H14 2H14 1H14 up 3% ex Lloyds 2H14 up 2% ex Lloyds AFS

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Lifted mortgage growth in sustainable way 90 0.7 0.9 1.0 2H13 1H14 2H14 16.8 18.4 19.7 12.7 14.7 17.2 2H13 1H14 2H14 Proprietary 3rd party 0 10 20 30 40 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 WBC ADIs (excluding other ADIs) 1 RBA Financial Aggregates, September 2014. 2 Run-off figures are net of provision movements. 3 Westpac data, APRA ADI property exposure statistics, June 2014. 4 Other ADIs consist of ADIs that are not banks, building societies or credit unions. AFS mortgage market share1 of 23.2% Grew at 1.0x system1 (up from 0.9x 1H14) 4% lift in balances 11% uplift in new lending, through both proprietary and 3rd party channels Partly offset by run-off of $24bn, up 2% Risk appetite unchanged with Average dynamic LVRs slightly lower % of loans written over 80% largely steady and significantly lower than industry staff time Mortgage complaints down 3% 328.2 337.8 350.7 33.1 36.9 (23.6) (24.0) 2H13 New lending Run-off 1H14 New lending Run-off 2H14 AFS net mortgage lending volumes2 ($bn) Home lending multiple of system1 (x) AFS new home lending ($bn) Loans approved above 80% LVR3 (%) 4 AFS

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Growth in business banking 91 1 Net loans. 2 Business banking customers in 1H14 have been restated to include Lloyds customers. AFS business lending up 2% (up 6% FY14/FY13 or 1% excluding Lloyds) Business customers up 2% Stressed business to TCE down 38bps to 4.8% (stressed balances down $301m) New lending volumes up 2% for WRBB and 12% for SGB (normalising for Lloyds one quarter of contribution in 1H14) WRBB business balances up 2% through the small business banking model, industry specialisation and the launch of Connect Now SGB business balances up 2% Investment in banker capability and banking franchise, with higher performance from Business Connect SME distribution model Lloyds integration successfully executed New business lending growth exceeding run-off in 2H14 949 969 985 1,007 1,038 1,132 1H12 2H12 1H13 2H13 1H14 2H14 99.6 100.8 98.4 100.6 105.1 107.1 8.0% 7.8% 7.2% 6.3% 5.2% 4.8% 0% 200% 400% 600% 800% 1000% 1200% 60 65 70 75 80 85 90 95 100 105 110 1H12 2H12 1H13 2H13 1H14 2H14 Business TCE ($bn) Stressed business to business TCE (%) Business banking customers2 Business TCE Business lending1 ($bn) AFS 75.7 76.7 80.2 81.6 8.4 8.1 3.7 9.1 (7.4) (8.3) (7.7) 1H13 New lending Runoff 2H13 New lending Runoff Lloyds 1H14 New lending Runoff 2H14 Up 1% Up 5% Up 2% 1,108 Lloyds 70

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Consumer finance delivering growth ahead of market 92 1 APRA monthly banking statistics, September 2014. 2 Rfi data, September 2014, excludes Auto Finance. 3 NPS among credit card customers refer slide 147 for metric provider details. Total consumer finance up 3% to $22.6bn (up 20% FY14/FY13 including Lloyds transaction) Good growth across both personal lending and credit cards Applications for credit cards down 7% due to seasonal factors (up 30% FY14/FY13) Credit card growth of 1% versus a system1 that contracted. Market share up 39bps to 22.9% Personal lending growth at 1.8x system2, with market share up 34bps to 27.6% Auto finance up 7% Simplification and service enhancements improving customer experience Reduced consumer finance products offered by 6 to 17 31% reduction in credit card complaints SGB continued to lead majors in NPS among credit card customers. WBC improved from 4th to 1st of the majors over 2H143 172 204 179 257 240 140 145 148 160 149 2H12 1H13 2H13 1H14 2H14 Credit cards Personal lending 18.8 0.2 0.5 2.5 22.0 0.2 0.4 22.6 2H13 Auto finance Other consumer finance Lloyds (auto finance) 1H14 Auto finance Other consumer finance 2H14 Consumer finance lending ($bn) AFS market share of credit cards1 (%) 26.8% 27.6% Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 AFS market share of personal lending2 (%) Up 17% (up 4% ex Lloyds) Up 3% AFS 22.1% 22.9% Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Continuing to grow quality deposits 93 1 APRA Banking Statistics, September 2014. Deposit to loan ratio up 154bps to 61.4%, with a focus on originating high quality deposits Household deposits Increased household deposit market share to 23.3%, growing at 1.3x system1 in the half. Consistently growing above or at system in recent periods Improved quality of portfolio, with focus on gathering deposits of higher quality that better supports LCR requirements. 97% of FY14 growth was in LCR efficient deposits Consumer transaction balances increased 11% (up 14% FY14/FY13) Deposit complaints reduced 33% (reduced 40% FY14/FY13) AFS customer deposit to loan ratio (%) AFS deposits ($bn) 55.8 58.1 59.4 61.1 59.8 61.4 1H12 2H12 1H13 2H13 1H14 2H14 4.3 259.0 8.5 263.3 11.6 279.2 (4.2) 2H13 Term deposits Savings, transactions and online deposits 1H14 Term deposits Savings, transactions and online deposits 2H14 Lloyds reduced deposit to loan by 87bps Up 2% Up 6% 1.1 1.1 1.2 1.3 1.0 1.3 22.3 22.5 22.7 22.9 23.0 23.3 20.00 20.20 20.40 20.60 20.80 21.00 21.20 21.40 21.60 21.80 22.00 22.20 22.40 22.60 22.80 23.00 23.20 23.40 23.60 23.80 1H12 2H12 1H13 2H13 1H14 2H14 System multiple Market share AFS Household deposits1 market share (%) and system multiple (x)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack total financial service needs 94 348 396 432 466 2.9 3.7 4.3 4.9 1H13 2H13 1H14 2H14 Total customers ('000) FUM $bn 5% 10% 15% 20% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 WBC Peer 1 Peer 2 Avg of next Top 4 1 Roy Morgan research. Customer satisfaction retail funds August 2014. 2 Refer slide 148 for wealth metrics provider details. 3 Plan for Life rolling 12 month average. New sales includes sales, premium rerates, age and CPI indexation. June 2014. 4 Plan for Life, June 2014. Leading the industry in adopting transparent practices including customer should expect from their advisor Minimum education and professional standards for all our advisers BT Super for Life customer satisfaction now 60.5%1 (up 12ppt FY14/FY13) Life insurance lapse rates significantly below peers Wealth investment continues with BT Panorama and the launch of BT Cash Hub. Ongoing investment will deliver phased capabilities to transform how customers build, manage and protect their wealth 135 38 57 (107) 413 176 57 (92) WBC Peer 1 Peer 2 Peer 3 1 Year 4 Years Customer with wealth products2 change over last year and last 4 years (bps) BT Super for Life (retail) customer numbers and FUM Life Insurance Individual new sales market share3 (%) Life insurance lapse rates4 (%) AFS 10% 15% 20% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 WBC Peer 1 Peer 2 Peer 3 Peer 4

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack AFS high quality portfolio, significant improvement in business 95 AFS stressed exposures as a % of TCE reduced 12bps to 1.28% (down 33bps FY14/FY13) Impaired assets down 7bps to 25bps of TCE (down 14bps FY14/FY13) Continued improvement in business portfolio quality, with asset sales and refinancing helping to reduce stressed assets by $366m or 5% (down $1,187m or 14% FY14/FY13) Consumer portfolio remains sound, supported by low interest rates and consumer caution with continued strong debt serviceability Mortgage 90+ days delinquencies down 3bps to 47bps (down 6bps FY14/FY13) Credit card 90+ days delinquencies down 17bps to 82bps (down 11bps FY14/FY13) Auto finance 90+ days delinquencies down 11bps to 82bps (down 6bps FY14/FY13) Movement in impairment charges ($m) 90+ days delinquencies (%) Stressed exposures as a % of TCE AFS 330 16 51 6 341 (31) (31) 1H14 WRBB consumer WRBB business SGB consumer SGB business BTFG 2H14 0.83 0.47 0.82 Credit cards Mortgages Auto finance 1.28 2H11 1H12 2H12 1H13 2H13 1H14 2H14 Impaired 90+ days past due well secured Watchlist & substandard

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Strong operating performance 96 1 APRA Banking Statistics, September 2014. 2 Rfi data, September 2014. Net interest margin (%) Impairment charge ($m) 2,355 303 83 49 2,582 (109) (99) FY13 Net II Non-II Expenses Impairment charges Tax & NCI FY14 Cash earnings movement ($m) 34 FY14 % of Group cash earnings Up 10% Key financial metrics FY14 - FY13 Cash earnings 10% Up $227m to $2,582m Core earnings 7% Up $277m to $4,128m with 6% revenue growth Net interest income 5% Up $303m to $5,958m Disciplined asset growth: 6% in home lending 3% business lending and above system growth in cards1 and personal loans2 9% deposit growth with household deposits above system1, transaction and savings accounts up 12% Net interest margin 6bps Asset spread compression of 3bps due to competitive pricing for new business Increased deposit spreads of 4bps driven by growth in transaction accounts and market pricing Wholesale funding costs 5bps lower Non-interest income 6% Increased credit cards revenue from higher activity levels from WRBB Black cards Increased business volumes and activity Expenses 3% Productivity savings in branches and customer servicing, partly offsetting salary and lease cost increases, volume related costs and increased investment spend Impairment charges 10% Impairment charges down to $437m. Reduced stressed assets in business lending and lower delinquency rates in consumer loans 2.39 2.33 4bps 5bps (3bps) FY13 Assets Customer deposits Wholesale funding & other FY14 429 486 437 FY12 FY13 FY14 Up 6bps WRBB

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 2H14 delivered across growth, return, strength and productivity 97 1 RBA Financial Aggregates, September 2014. 2 APRA Banking Statistics, September 2014. Key financial metrics 2H14 1H14 Key financial metrics Cash earnings movement 2H14 - 2H13 ($m) Cash Earnings 6% Up $80m to $1,331m Core earnings 5% Up $100m to $2,114m with 4% revenue growth Net interest income 4% Up $122m to $3,040m 3% asset growth: home lending growth of 4% approaching system1 and business lending growth at system1 6% deposits growth with household deposits above system2 Net interest margin 3bps Asset margin compression of 4bps from increased competition Deposit spreads up 3bps due to market repricing of term deposits Lower wholesale funding costs of 4bps Noninterest income 3% Increased credit card revenue from higher activity levels Increased business line fees Expenses 3% Increase due to full period impact of January salary increases, launch of small business banking unit and increase in sales roles. Partly offset by continued productivity saves Impairment charges 7% Impairment charges down to $211m from a reduction in business lending stressed assets and lower mortgage delinquency rates 2H13 1H14 2H14 Change on 1H14 Revenue ($m) 3,552 3,609 3,752 4% Net interest margin (%) 2.35 2.37 2.40 3bps Expense to income (%) 44.3 44.2 43.7 54bps Customer deposit to loan ratio (%) 58.5 58.6 60.3 171bps ROTE (%) 28.1 26.6 26.8 28bps 1,331 1,213 49 8 16 1,251 122 21 15 (21) (14) (43) (35) 2H13 Net II Non-II Expenses Impairment charges Tax & NCI 1H14 Net II Non-II Expenses Impairment charges Tax & NCI 2H14 Up 3% Up 6% WRBB

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Relationship based customer franchise driving growth 98 1 Refer slide 148 for customer satisfaction details. 2 APRA Banking Statistics, September 2014. 3 Rfi Australian Consumer Lending Council, PLBT - September 2014 report for Westpac Group. 4 Refer slide 148 for wealth metrics provider details. 5 Refer slide 148 for business satisfaction details. 6 Refer slide 147 for business NPS provider details. 7 Refer slide 148 for average products per customer metrics. 8 Refer slide 147 for consumer NPS provider details. Key performance metrics Business banking highlights #1 in business customer satisfaction of the majors5, #1 NPS overall business, SME and agribusiness6 Small business banking unit established Rolled out 92 Connect Now sites: enabling customers and staff in branches and business banking centres access to business specialists via video conference Business banking transformation and productivity driving deposit and lending growth above system while improving credit quality Successful partnership model with WIB providing increased access to FX, foreign accounts and debt markets products Business banking excellence recognised through awards. Winner: AB+F Best Business Bank at Branch; AB+F Best Cash Management Business Bank; Roy Morgan Business Bank of the Year (2013 calendar year) Customer service revolution delivering improved customer experience. Complaints improved 24% and consumer satisfaction1 lifted to #1 of majors Continuing to meet customer needs 24/7 with 61 Bank Now sites, Premium 24/7 call centre, 2.7m customers migrated to Westpac Live platform, Smart ATMs and Emergency cash capability. simplified card products, enabled more self-service and e-statements 1.2x system in household deposits2, above system growth in credit cards2, and 1.8x system in personal lending3 Market leading customers with wealth product4 at 21.9% Winner: CANSTAR - Best First Home Buyer Loan (3 consecutive years); AMIA Best Enterprise / Digital product or service; Smart Investor Best Rewards Card; Australian Mortgage Awards most effective internet presence (broker distribution) Consumer banking highlights 2H13 1H14 2H14 Change on 1H14 Total customers (#m) 6.11 6.20 6.28 1% 722 743 752 1% Active digital customers (#m) 2.45 2.53 2.63 4% Active mobile customers (#m) 1.51 1.64 1.77 8% Bank Now branches (#) 17 34 61 27 Connect Now enabled branches 0 35 92 57 MyBank customers (%) 25.6 25.6 26.1 53bps Average products per customer7 (#) 3.12 3.14 3.08 X (2%) Customers with BT Super for Life 299 324 466 44% 35.8 26.7 20.3 (24%) Overall consumer NPS8 4th 4th 3rd 1 rank Overall business NPS6 2nd 3rd 1st 2 ranks Women in leadership (%) 43 45 47 2ppts WRBB

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack St.George delivering growth and customer choice 100 1 APRA Banking Statistics, September 2014. 21 FY14 % of Group cash earnings 1,580 1,392 321 49 57 (158) (81) FY13 Net II Non-II Expenses Impairment charges Tax & NCI FY14 Cash earnings movement ($m) Up 14% Key financial metrics FY14 - FY13 Cash earnings 14% Up $188m to $1,580m with all brands contributing Up 10% excluding Lloyds Core earnings 9% Up $212m to $2,495m with 10% revenue growth Net interest income 10% Up $321m to $3,537m Lending up 10% (up 6% excluding Lloyds) Deposits up 6%, with strong growth in household deposits (above system1) Net interest margin 7bps Lloyds added 4bps Deposit spreads improved 7bps and wholesale funding contributed 2bps Partly offset by a 6bps decline in asset spreads, mostly reflecting increased competition and customer preference for fixed rate lending Non-interest income 10% Higher business lending fees due to increase in line fees Fee income related to Lloyds added $26m Expenses 11% Expenses up 5% excluding Lloyds Expansion of Bank of Melbourne and continued roll-out of Business Connect model for serving SME customers Partly offset by productivity initiatives Impairment charges 19% Impairment charges down $57m to $236m Business impairment charges declined with a continued reduction in stressed assets, particularly property Consumer impairment charges higher, mainly due to credit card and auto finance loans Net interest margin (%) Cash earnings ($bn) 1.2 1.4 1.6 FY12 FY13 FY14 2.22 7bps 2bps 2.29 (6bps) 4bps FY13 Assets Customer deposits Wholesale funding & other Lloyds FY14 Up 7bps

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 2H14 momentum delivered 6% core earnings growth 101 1 APRA Banking Statistics, September 2014. 701 69 11 63 772 121 14 808 (38) (34) (66) (20) (13) 2H13 Net II Non-II Expenses Impairment charges Tax & NCI 1H14 Net II Non-II Expenses Impairment charges Tax & NCI 2H14 Cash earnings movement 2H14 2H13 ($m) Up 10% Up 5% Key financial metrics 2H14 1H14 Cash earnings 5% Up $36m to $808m Core earnings 6% Up $69m to $1,282m with 7% revenue growth Net interest income 7% Up $121m to $1,829m, showing pick-up in growth and full period impact of Lloyds Lending up 4% Deposits up 5%, with strong growth in household deposits (above system1) Net interest margin 3bps Margins up to 2.30% Deposit spreads improved 7bps and wholesale funding contributed 2bps Partly offset by a 6bps decline in asset spreads, mostly reflecting increased competition and customer preference for fixed rate lending Non-interest income 6% Higher business lending fees due to increase in line fees Full period contribution from Lloyds Expenses 9% Expenses up 5% excluding Lloyds Expansion of Bank of Melbourne and continued roll-out of Business Connect model for serving SME customers Partly offset by productivity initiatives Impairment charges 19% Impairment charges up from a low base to $128m Business impairment charges were a little higher as 1H14 included the benefit of a significant reduction in stressed assets Consumer impairment charges lower, driven by a decrease in delinquencies Key financial metrics 2H13 1H14 2H14 Change on 1H14 Revenue ($m) 1,880 1,960 2,095 7% Net interest margin (%) 2.25 2.27 2.30 3bps Expense to income (%) 37.7 38.1 38.8 70bps Customer deposit to loan ratio (%) 58.0 54.7 55.5 87bps ROTE (%) 22.7 22.1 21.1 98bps

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack St.George delivering across all metrics 102 1 RBA Financial Aggregates, September 2014. 2 APRA Banking Statistics, September 2014. 3 Refer slide 147 for consumer NPS details. 4 Refer to slide 148 for wealth metrics provider details. 5 Refer to slide 147 for business NPS details. 6 Refer to slide 148 for average products per customer metrics details. Key performance metrics Above system growth across housing1 and household deposits2 Customer service revolution and continued innovation is delivering a better customer experience. Overall consumer NPS3 leads the major banks and complaints were down 10% Continued improvement in depth of relationships with MyBank customers up 49bps to 22.7% and customers with wealth products4 up a further 95bps to 17.1% The reconfiguration of the network to deliver better service continued with 144 FreshStart branches now in place Continued to focus on simplification of processes including Time to First Yes (69% now approved in branch within one hour); and deliver innovative digital mobility solutions that support customer needs including: finger print access on mobiles, Smartwatch capability and iBeacon technology Consumer banking highlights 2H13 1H14 2H14 Change on 1H14 Total customers (#m) 3.26 3.55 3.61 2% 287 296 307 4% Active mobile customers (#m) 0.52 0.57 0.62 9% Active digital customers (#m) 1.27 1.32 1.38 4% FreshStart branches (#) 7 61 144 83 Business Connect enabled branches (#) 30 112 140 28 MyBank customers (%) 22.1 22.2 22.7 49bps Avg. products per customer6 (#) 2.59 2.61 2.64 1% Customers with wealth product4 (%) 14.9 16.1 17.1 95bps Service quality (complaints #’000) 11.1 10.9 9.8 (10%) Overall consumer NPS3 1st 1st 1st Steady Overall business NPS6 3rd 1st 1st Steady Women in leadership (%) 46 45 48 3ppts Business banking highlights SME Business Connect (our innovative distribution model in branches providing efficient access to specialists using online, video and mobile channels) is gaining traction, now in 140 branches. Benefits include: increased customer facing time for business bankers from 30% to 70%; 95% of video conference referrals have resulted in an average products per customer of 4.5 Business customer numbers up 4% with new business lending growth exceeding run-off in 2H14 Lloyds being successfully integrated with strong FY14 delivery, outperforming in revenue and balance sheet growth, with 7% increase in customers Business NPS5 leads major banks

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Investment, innovation and customer focus delivering growth across all brands 103 Positive cash earnings growth funding expansion 94 branches/instores (up 17) Market share 4.6% (up 30bps)1 Household deposits 3.2x Victorian banking system2 and mortgages 2.4x Victorian system3 Strong household deposit growth up 30% to $5.5bn, mortgages up 18% to $17.8bn and total lending up 13% to $23.9bn 13% lift in customer numbers. MyBank customer growth up 15% Very involved with the Victorian communities including: a partnership with Melbourne City Mission; Bank of Melbourne Neighbourhood Fund and Local Project; presenting partner of Melbourne Food and Wine Festival which included Establishment of key service behaviours and staff empowerment model Successful national roll-out with all staff attending immersion sessions around Australia Reinvigoration of branch network model through FreshStart now rolled out to 144 branches Business Connect, providing SME customers access to expert bankers now rolled out to 140 branches 47 1,392 96 17 12 16 1,580 FY13 Lloyds St.George Bank of Melbourne BankSA RAMS FY14 3.9 3.7 3.2 2.3 1.6 FY10 FY11 FY12 FY13 FY14 1 Market share as measured by footings (household deposits and housing balances). 2 Bank of Melbourne growth multiple is for the 9 months to June 2014 for Victoria and estimated based on State based ABS National Accounts data along with ABA/Cannex surveys. 3 Growth multiple is for the 11 months to August 2014 for Victoria and estimated based on ABS new housing finance statistics, State based ABS National Accounts data along with ABA/Cannex surveys. 4 First in Australia. 5 First bank in the world. Positive cash earnings across all brands ($m) Quality improvement reduced stressed assets to TCE (%) Bank of Melbourne delivering growth FY14-FY13 Maintaining innovation edge Service revolution Leverage strong heritage of digital capability First internet banking4 (1995) Real time banking4 (1996) First to send SMS alerts4 (2003) First savings/transaction accounts opened via mobile devices4 (2010) First to deliver finger print access logon via mobile devices5 (2014) Provide innovative customer solutions Credit and debit card application and activation via mobile (2012) Personal loans on mobile (2013) Ability to view e-statements via mobile (2013) Identifying customers entering branch via iBeacon (2014) 2,961 3,026 3,159 3,260 3,373 240 3,613 FY10 FY11 FY12 FY13 FY14 Lloyds

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Strong BT cash earnings growth up 16% 104 1 Other revenue includes BTIM performance fees and Life Insurance revenue. 2 Other expenses includes performance related payments in BTIM. 3 Plan for Life, June 2014. Movement FY14 FY13 Cash earnings FY14 FY13 up 16% Cash earnings movement ($m) Cash earnings ($m) Funds Management 26% Up $110m to $539m Increase in asset markets BTIM performance fee revenue up $79m Increased strategic investment and compliance spend Insurance 19% Up $51m to $319m Life in-force premium growth of 16%, lapse rates improved at 13.2%3 and remain below market General Insurance gross written premium up 11%, claims down $7m LMI cash earnings down $9m Capital and other 51% Down $39m to $37m Lower returns on invested capital and higher stamp duty costs Markets 4% Asset markets stronger, positively impacting FUM and FUA related revenue across platforms, superannuation and asset management Flows 6% Flows revenue up $131m Life Insurance in-force premium and General Insurance gross written premium up 16% and 11% respectively delivering quality advice and improved productivity Private Wealth lending up 9% Strong net flows into Advance Other revenue 4% Mainly driven by BTIM performance fees, up $79m on FY13 due to strong outperformance of funds Expenses 10% Strategic investment costs up $20m driven by investment in Panorama and planner productivity Other expenses up $96m, driven by higher volume, regulatory change expenses and bonuses associated with performance fees Key financial metrics FY13 FY14 Change on FY13 Expense to income (%) 51.9 49.8 211bps ROTE (%) 27.3 31.5 419bps 131 96 7 97 3 773 895 (20) (96) (96) FY13 Flows Markets GI Claims Other revenue Strategic investment Other expenses Impairment charges Tax and NCI FY14 Revenue up 331 (14%) Expenses up 116 (10%) 1 2 773 110 51 895 (39) FY13 Funds Management Insurance Capital & other FY14 Cash earnings up 122 (16%)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Leading wealth provider and investing for the future 105 1 Other includes BTIM performance fees. 2 Other expenses includes performance related payments in BTIM. 3 Plan for Life, June 2014, All Master Funds Admin. Movement 2H14 2H13 Cash earnings 2H14 2H13 up 11% Cash earnings movement ($m) Cash earnings ($m) Funds Management 23% Up $52m to $274m driven by Increase in asset management with FUM growth of 17% Partially offset by increased strategic investment Impairment charge of $2m, up $1m Insurance 16% Up $24m to $172m driven by Life in-force premiums up 16% General Insurance claims up $12m 8% General Insurance gross written premium growth Capital and other 73% Down $29m to $11m driven by Lower returns on invested capital Markets 3% Asset markets higher, positively impacting FUM (up 17%) and FUA (up 10%). Related revenue across platforms, superannuation and asset management higher Flows 9% Flows revenue up $103m Maintained lead FUA position with all Platforms market share ranked number 1 at 19.7%3 Life Insurance in-force premium and General Insurance gross written premium growth of 16% and 8% respectively Average margin lending balances down 6% Private Wealth lending up 9% Expenses 7% Strategic investment costs up $15m with focus on improving planner productivity, investment in Panorama Other expenses up $28m, driven by compliance and volume related costs Key financial metrics 2H13 2H14 Change on 2H13 Expense to income (%) 51.0 48.9 210bps ROTE (%) 29.3 32.0 271bps 103 33 15 410 457 (12) (15) (28) (1) (48) 2H13 Flows Markets Gl Claims Other revenue Strategic investment Other expenses Impairment charges Tax and NCI 2H14 Revenue up 139 (12%) Expenses up 43 (7%) 1 2 410 52 24 457 (29) 2H13 Funds Management Insurance Capital and other 2H14 Cash earnings up 47 (11%) tend to be seasonal given insurance claims and fund activity and are best compared annually or to prior corresponding period (2H13)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Continued growth across business drivers 106 1 Revenue per spot Private Wealth banker. 2 Plan for Life, June 2014, All Master Funds Admin. 3 Plan for Life (Individual Risk) rolling 12 month average. New sales includes sales, premium re-rates, age and CPI indexation. June 2014. 4 Internally calculated from APRA quarterly general insurance performance statistics, June 2014. Key performance metrics FUM / FUA Solid growth across all earnings drivers FUM and FUA up 8% and 6% respectively Insurance businesses continue to offer a range of solutions to help customers protect their wealth. Life Insurance in-force premiums increased 8%. General Insurance gross written premiums up 4% The Advice and Private Wealth businesses continue to meet our Delivering on strategic investments 1,000+ advisors currently registered to use Panorama Well positioned for regulatory change Key features of 2H14 2H13 1H14 2H14 Change on 1H14 Planners (salaried & aligned) (# spot) 1,169 1,195 1,220 2% Revenue per Private Wealth banker1 1,240 1,340 1,457 9% BT Super for Life (retail) customers 396 432 466 8% BT Super for Life (retail) FUM ($bn) 3.7 4.3 4.9 14% Platform market share2 (including Corporate Super) (%) 19.5 19.7 19.7 Flat Retail market share2 (excluding cash) (%) 18.3 18.4 18.4 Flat Life Insurance market share3 (%) 10.3 10.8 11.4 59bps Home & contents market share4 (%) 5.1 5.2 5.5 26bps Women in leadership (%) 41 41 44 3ppts Average Period end $bn 2H14 1H14 % mov't $bn FY14 FY13 % mov't BT Wrap/Asgard FUA 90.6 7 91.7 11 Corporate Super 18.0 8 18.1 14 Other FUA 3.1 (6) 2.9 (28) Total FUA 111.7 7 112.7 10 Retail FUM 16.8 2 16.7 2 Institutional FUM 23.1 - 23.4 4 Wholesale FUM 46.5 13 48.9 30 Total FUM 86.4 7 89.0 17

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Strong value creation across wealth business 107 635 685 734 792 1H13 2H13 1H14 2H14 Up 16% Up 8% 198 218 227 235 1H13 2H13 1H14 2H14 Up 8% Up 4% 95.5 102.7 106.8 112.7 1H13 2H13 1H14 2H14 Up 10% 1 Plan for Life, June 2014. FUM ($bn) FUA ($bn) Life Insurance lapse rates1 (%) Life Insurance in-force premiums ($m) General Insurance gross written premiums ($m) Up 6% Planner numbers (#) 557 550 544 553 564 619 651 667 1H13 2H13 1H14 2H14 Salaried planners Aligned planners Up 2% Aligned planners up 8% 17.1 17.4 17.0 18.1 14.4 20.5 24.1 27.7 18.3 20.8 23.0 25.2 15.9 17.5 18.0 18.0 65.7 76.2 82.1 89.0 1H13 2H13 1H14 2H14 BTIM (exc. JOHCM) JOHCM Advance Retail Super/Other Up 8% Up 17% 10% 15% 20% Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 WBC Peer 1 Peer 2 Peer 3 Peer 4

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Solid WIB performance up 4% in FY14 excluding significant items 108 Cash earnings movement ($m) Movement FY14 FY13 Investing in the business, expanding capabilities in Asia 1,115 1,207 74 15 7 (4) FY13 Core expenses Lloyds Amort'n & Depr'n Business investment FY14 Cash earnings 7% FY13 included a large benefit from CVA and infrastructure funds. These items were not repeated in FY14 increased 4% Core earnings 9% Excluding impacts of CVA and Hastings (as above) core earnings up 2% Net interest income 1% Average interest-earning assets up 13%. Growth was supported by a lift in business lending, trade finance and Lloyds, with net loans up 17%. Deposits up 6%, mainly in term deposits Offset by net interest margin compression Net interest margin 24bps Lower net interest margin reflects competition for both assets and liabilities, in particular transactional deposits Non-interest income 7% FY13 included significant revenue from the exit of listed infrastructure funds, and an $87m CVA benefit compared to a $23m CVA charge in FY14 Excluding the impact of these items, non-interest income was up 8% or $110m Expenses 8% Increase in expenses reflects continued build of capabilities in Asia. Excluding investment and Lloyds, core expenses were down $4m Impairment benefit 53% $136m benefit in FY14 (FY13: $89m benefit) mainly reflects lower new IAPs 1,575 (61) (81) 1,433 13 110 (92) 47 (27) 1,484 (16) 1,468 FY13 CVA Hastings FY13 (adjusted) Net II Non-II Expenses Impairments Tax & NCI FY14 (adjusted) CVA FY14 up 4% Down 7% Building capabilities in Asia and meeting regulation Expenses ex. investment and Lloyds 1 1,2 1 WIB expenses ($m)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 2H14 impairment benefit and market risk income lower sound operating performance, good customer flows 109 Movement 2H14 1H14 Solid growth on both sides of WIB balance sheet Cash earnings movement ($m) Cash earnings 5% Cash earnings lower mainly due to an impairment benefit of $90m in 1H14 compared to a $46m benefit in 2H14 and lower market risk related income, including a $21m negative movement in the CVA Core earnings 3% Core earnings outcome reflects continued investment in the business, revenue in line with 1H14 Net interest income 3% Average interest-earning assets up 5%, supported by 7% growth in business lending, including in property and infrastructure. Deposits up 7% Partly offset by lower net interest margin Net interest margin 6bps Some stability in liability spreads, although competition for assets remains strong Non-interest income 3% Higher lending and transaction fees and higher performance fee revenue from Hastings were offset by a lower contribution from risk management activities and a higher CVA charge Expenses 5% Increase in expenses reflects continued build of capabilities in Asia Excluding investment and Lloyds, expenses down 3% Impairment benefit 49% $46m benefit in 2H14, lower compared to 1H14 ($90m benefit) mainly due to lower write-backs 752 21 (22) (27) (44) 36 716 1H14 Net II Non-II Expenses Impairments Tax & NCI 2H14 Down 5% 56.0 56.5 64.0 66.2 66.3 72.8 72.2 77.3 118.4 128.9 112.8 116.8 1H13 2H13 1H14 2H14 Loans (A$bn) Deposits (A$bn) Deposit to loan ratio (%)

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Customer revenue up 6% reflecting focus on customer relationships 110 1,204 1,232 32 (3) 40 1,301 2H13 1H14 Lending Deposits Sales and fees 2H14 Customer revenue1 $1,301m, up 6% (up 6% FY14/FY13). Supported by Lift in FX and Debt Markets sales from needs in interest rates and foreign exchange Well positioned to capture customer risk management activity through specialist product support and market insight, including broader capabilities through licencing and electronic facilitation Leveraged investment in platforms, people and product capabilities to maintain No. 1 position in core AUD and NZD FX markets2 6% uplift in lending revenue and strong growth in fee revenue Supported by growth in business lending, particularly in property and infrastructure, partly offset by net interest margin compression Improved capabilities in finance and operating leases delivering good momentum, with particularly strong growth in asset finance revenue Deposits revenue lower with ongoing net interest margin pressure 178 89 179 101 185 113 FX & CCE Debt Markets 2H13 1H14 2H14 82 3 3 12 Customer Market risk Hastings Other Customer revenue1 ($m) Focused on delivering for customers Solid customer sales in WIB markets Up 6% Up 2% WIB markets customer sales revenue ($m) 2H14 revenue composition (%) WIB customer revenue 82% of total revenue, up from 78% 1 WIB customer revenue is lending revenue, deposit revenue, sales and fee income. Excludes trading, CVA and Hastings. 2 Source: Euromoney FX Poll 2014, Number 1 Australian Bank for FX, Globally. Measure of market share from 14,050 FX industry votes.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Institutional market leadership 11 years as Number 1 Lead Domestic Transactional Bank1 111 No.1 Relationship Strength Index (All domestic relationships)2 1 Peter Lee Associates Large Corporate and Institutional Transactional Banking Survey Australia. Quantitative measure from 576 votes in 2014. Westpac ranks No.1 for citations as a domestic transactional bank 2004-2014. 2 Peter Lee Associates Large Corporate and Institutional Transactional Banking Survey Australia. Rank vs. Top 4. Quantitative measure from 576 votes in 2014. 3 Euromoney FX Poll 2014. Measure of market share from 14,050 FX industry votes. 4 Euromoney FX Poll 2014. Quantitative measure of market share vs. global competitors from 308 FX industry votes. 5 Euromoney FX Poll 2014, Asian Timezone. Measure of client service from 5,405 FX service user votes. 6 Peter Lee Associates Foreign Exchange Survey Australia 2013. Quantitative measure from 310 corporate and financial institution respondents. Rank vs. Top 4. 7 Euromoney Awards for Excellence 2014. 8 Peter Lee Associates Debt Securities Investors Australia Survey 2013. Rank vs. top 4 major domestic banks. Based upon the most active investors in each type of security. Based upon Westpac achieving a no.1 ranking amongst the four major domestic banks for estimated market share across Commonwealth Treasury and Semi Government Bonds, Corporate Bonds, Asset Backed Securities and CPI Linked Securities, a No.1 ranking for Relationship Strength amongst the four major domestic banks across Commonwealth Treasury and Semi Government Bonds, Corporate Bonds and Asset Backed Securities. 9 KangaNews fixed income research poll 2014. Votes by more than 60 Australian-based institutional fixed income investors only. 10 Peter Lee Associates Large Corporate and Institutional Banking Survey Australia 2014. Rank vs Top 4 from 570 respondents. 11 Peter Lee Associates Interest Rate Derivatives Survey, Australia 2013. Quantitative measure from 182 corporate respondents. Rank vs. Top 4. Global Transactional Services. No.1 Overall Satisfaction (All domestic relationships)2 No.1 Lead Transactional Bank in Australia 2014 No.1 Debt House in Australia7 2 Foreign Exchange. No.1 Australian Bank for FX, Globally3 No.1 Australian Bank for FX Quantitative Research in Australasia4 No.1 Australian FX Bank for Client Service in the Asian and Australasian Timezone and Geography5 No.1 Overall FX Relationship Strength Index6 Debt Markets. No.1 Australian Domestic Bank in the Fixed Income Markets8 No.1 Debt House in Australia7 No.1 Research and Analysis on Structured Finance9 No.2 Lead Relationship Bank in Australia10 Relationship. No.2 Relationship Strength Index10 No.2 Overall Satisfaction with Products and Services10 Insight. No.1 Most Useful Analysis of the Australian Economy11 No.1 Most Useful Interest Rate Forecasts and Trend Analysis11

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Service revolution delivering solutions and new capabilities to help customers prosper and grow 112 ards, June 2014. WIB/AFS Partnership revenue up 5% Positioned strongly for future growth Delivering growth in targeted areas Delivering solutions and new capabilities for customers Revenue FY14/FY13 Asia (USD) 43 Trade Finance Australia and Asia 47 Natural Resources 11 WIB/AFS Partnership 5 WIBS for Service Bureaus end to end automation of statement distribution to third party service bureaus reducing processing time by 2-3 weeks Mobile PayWay delivered for transactional banking customers Redesigned Merchant ID establishment to a bulk upload process for large customers Joint Lead Manager on the first Green Bond in Australia, issued by The World Bank Launch of Corporate Mobile - accessing Corporate Online features on smartphones and tablets almost 10,000 downloads since launch Delivering electronic trade solutions to reduce processing costs, lower operational risk and improve the working capital cycle for customers Closed loop payments solution eliminating cash handling and manual processes (for clubs, universities schools and others) Infrastructure Westpac has a leading position in infrastructure, with a strong team in place. Hastings also gives Westpac a unique opportunity for growth in this sector 7 major transactions successfully closed by WIB in FY14, with a total project value of approximately $16bn Key growth area. Non-mining projects in total are valued at $456bn, up $27bn on a year ago1 and there is a renewed commitment by Government to invest in infrastructure Superannuation Westpac is a leader in superannuation rollover services QuickSuper Clearing House and Gateway streamlines and automates superannuation payments More than 25,000 employers across the country are House and Gateway to pay their employees superannuation contributions Leading web-based receivables product for independent schools leveraging WIB transactional capability now rolled out to 15 schools. Reduces five month implementation to 3-4 weeks, getting customers up and running quickly FX capabilities delivered to retail customers. Global Currency Card launched April 2014 36,000 card sales, four star Canstar Rating2 in first year Institutional insights provided to Private Banking customers through WIBIQ Fixed income investment options available on BT platforms

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Key milestones in FY14 Focus on China Connecting our customers to the trade, capital and people flows between Asia and Australasia 113 Building capabilities in Asia in key product and customer areas Trade Finance Financial Institutions Structured Asset Finance Structured Commodity Finance Premium Banking Global Capital Markets Sub-branch preliminary approval in Shanghai Free Trade Zone Granted NZD/CNY Market Makers Licence UnionPay Agreement signed 3rd bank since 2011 to be granted China Derivatives licence China FX Derivative approved for G7 currencies In May 2014, Westpac launched its market leading index tracking Chinese consumer sentiment, gaining significant market commentary First Half 2014 Second Half 2014 Key milestones in FY14 Broader Asian region Commenced trading G10 interest rate derivatives and USD Interest Rate Swaps under the current general derivatives licence Structured Commodity Finance business up and running - completed 4 key deals 1st RMB offshore trade in Singapore Welcomed over 100 corporate and institutional customers

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Risk management continues to be a competitive advantage 114 WIB continues to benefit from its strong risk management disciplines, recording impairment benefits in the last four halves Impairment benefit of $46m was 49% lower compared to 1H14 ($90m). Lower new IAPs have not fully offset the lower write-backs and lower changes in CAP. Write-backs and changes in CAP have reduced as the volume of stressed assets has declined and the quality of the portfolio has improved The level of stress in the portfolio has declined substantially from the peak in FY10 (4.6%) and is down 14bps to 89bps (down 27bps FY14/FY13) The current level of stress remains below the long term average of approximately 2% Impaired assets to TCE down 11bps to 23bps (down 19bps FY14/FY13) Stressed exposures as a % of TCE Impairments: (charges) / benefits ($m) (186) (100) (69) (15) 104 98 93 58 125 48 66 3 43 46 90 46 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 1H13 2H13 1H14 2H14 0.1 0.2 0.7 0.9 0.7 0.7 0.6 0.6 0.4 0.3 0.2 0.7 0.8 3.6 3.5 1.8 1.5 1.4 1.0 0.7 0.7 0.7 0.8 1.0 4.3 4.6 2.6 2.3 2.1 1.6 1.2 1.0 0.9 FY07 FY08 FY09 FY10 FY11 1H12 2H12 1H13 2H13 1H14 2H14 Impaired 90+ days past due well secured Watchlist & substandard New IAPs Write-backs Change in CAP Total impairment benefit

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack NZ delivers a strong performance across return, growth, productivity and strength 115 1 Reserve Bank of New Zealand (RBNZ) September 2014. 768 38 6 91 864 (4) (35) FY13 Net II Non-II Expenses Impairment charges Tax & NCI FY14 Cash earnings movement (NZ$m) 10 FY14 % of Group cash earnings Up 13% Key financial metrics FY14 - FY13 (NZ$m) Cash earnings 13% Up $96m to $864m Core earnings 3% Up $40m to $1,222m, driven by 2% revenue growth and flat expense outcome Net interest income 2% Up $38m to $1,592m Solid lending growth of 5% with strong targeted growth in housing and agriculture, both ahead of system1 Deposits up 6% largely funding lending growth Net interest margin 6bps Underlying margins declined by 4bps The transfer of assets from NZ Branch Treasury operations in 2H14 reduced NIM by 2bps Asset spread compression due to continued customer preference for lower spread fixed rate mortgages and intense market competition Partly offset by deposit spread improvement and lower wholesale funding costs Non-interest income 1% Underlying income up 3% driven by increased wealth and insurance income Partly offset by Christchurch earthquake insurance received in FY13 not repeated Expenses - Flat Ongoing investment in strategic initiatives delivering productivity benefits Impairment charges 78% Impairment charges down to $26m due to disciplined credit decisioning, reduced stressed assets in business lending and continued improvement in mortgage and other consumer lending delinquencies New Zealand FY12 FY13 FY14 191 117 26 Net interest margin (% and bps) Impairment charge (NZ$m) 2.27 2.33 2.31 (30bps) 21bps 5bps (2bps) FY13 Branch treasury FY13 adjusted Assets Customer deposits Wholesale funding costs and other FY14 Down 4bps

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Improved core earnings growth with continued low impairments 116 1 RBNZ September 2014. Cash earnings movement (NZ$m) Up 8% Flat Key financial metrics 2H14 1H14m (NZ$m) Cash earnings - Flat Cash earnings of $432m flat on 1H14 Core earnings 4% Up $22m to $622m driven by 3% increase in revenue Net interest income 3% Up $26m to $809m Lending up 2% with growth ahead of system1 in housing and agriculture lending Deposits grew by 2% Net interest margin 1bp Underlying margins improved 2bps The transfer of assets from NZ Branch Treasury operations in 2H14 reduced NIM 3bps Asset spreads declined mainly reflecting continued customer preference for fixed rate mortgages and intense competition Deposit spreads improved driven by active rate management and portfolio optimisation as well as a reduction in wholesale funding costs Non-interest income - Flat Maintained strong wealth and insurance performance from 1H14 Expenses 1% Ongoing investment in strategic initiatives delivering productivity savings Impairment charges Large Impairments up $18m to $22m, coming off a very low 1H14 charge of $4m Asset quality continues to improve with total stressed assets to TCE at 1.59% (down 26bps) and 90+ days mortgage delinquencies at 21bps (down 8bps) Key financial metrics 2H13 1H14 2H14 Change on 1H14 Revenue (NZ$m) 1,016 1,022 1,049 3% Margins (%) 2.32 2.28 2.27 1bp Expense to income (%) 40.7 41.3 40.7 58bps Customer deposit to loan ratio (%) 75.7 76.6 76.5 11bps ROTE (%) 19.8 21.2 20.9 29bps 400 3 3 46 432 26 1 432 (8) (12) (5) (18) (4) 2H13 Net II Non-II Expenses Impairment charges Tax & NCI 1H14 Net II Non-II Expenses Impairment charges Tax & NCI 2H14 New Zealand

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Investment delivering improvement in key operating metrics 117 2 Based on information from peer websites on distribution channels. 3 Refer slide 148 for wealth metric provider. Key performance metrics Responding to changing customer preferences A continued focus on responding to changing customer preferences through digital innovation, self-serve and direct channels New internet banking platform providing self-service banking experience Now over 10 million log ins per month, over 3 million were via mobile devices The continued roll-out of Smart ATMs offering greater flexibility and choice for customers (now 133, the largest fleet in NZ)2 Deposits through Smart ATMs up 41% on FY13, now 28% of all deposits with over 1 in 3 transactions outside normal banking hours Business on Demand team providing dedicated services to New Zealand SME customers Deepening customer relationships continues to be a key area of focus with good growth in MyBank customers (now 27.7% of customer base, up 63bps) Continued roll out of Symphony1 customer communication tool, enabling timely and relevant customer conversations Over 90% of customers contacted during theActive digital customers (#’000) Active mobile customers (#’000) 1 Symphony is Westpac New Zealand’s customer relationship management program. year, up from 78% in FY13. Over 15,000 Best per week Successful growth of wealth and insurance products fulfilling customer needs Wealth balances of NZ$7.2bn up 24% on FY13 KiwiSaver default status provider awarded in July 2014 KiwiSaver balances grew 33% in FY14 Building deeper customer relationships New Zealand 2H13 1H14 2H14 Change on 1H14 Customers (#m) 1.28 1.28 1.28 Flat 630 647 661 2% 219 254 280 10% MyBank customers (%) 26.8 27.1 27.7 63bps Customers with a wealth product3 (%) 26.7 27.0 27.9 94bps FUM (NZ$bn) 4.4 4.9 5.5 12% FUA (NZ$bn) 1.4 1.5 1.7 13% Number of Smart ATMs (#) 115 118 133 13% Deposits through Smart ATMs 706 880 946 8% Mobile mortgage managers (MMM) (#) 41 48 54 13% Mortgages applied via MMMs (%) 11 14 16 200bps Women in leadership (%) 43 43 44 1ppt

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Delivered above system performance in target markets 119 38.0 42.0 46.6 49.4 FY11 FY12 FY13 FY14 Housing growth of 3% (up 6% FY14/FY13), ahead of system1 Transition to new >80% LVR lending restrictions well managed delivering above market average new flows (and below RBNZ limit) Good growth in Government supported Welcome Home Loans Business lending up 1% (up 4% FY14/FY13) with above system growth in agriculture lending over 2x system1 Good new business origination offset by run-off of business stressed assets Deposit growth of 2% (up 6% FY14/FY13) and maintaining peer leading customer deposit to loan ratio of 76.5% Deposit growth continues to fund the majority of lending Growth driven by at call and transaction accounts, primarily in online deposits 1 Source: RBNZ September 2014. 2 LVR flows before exemptions. 2H13 1H14 2H14 Change on 1H14 (%) Net loans 61.6 63.2 64.6 2 Housing 37.5 38.6 39.6 3 Business & institutional 22.3 22.8 23.1 1 Other 1.8 1.8 1.9 6 Total deposits 46.6 48.4 49.4 2 Term deposits 24.9 24.5 25.2 3 Other 21.7 23.9 24.2 1 TCE 88.0 90.1 92.7 3 Balance sheet (NZ$bn) Customer deposits (NZ$bn) % of >80% LVR flows2 New Zealand Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Westpac System RBNZ Limit (10%) System FY14 average = 7.1% Westpac FY14 average = 8.2% Balance sheet growth compared to system1 growth (%) Housing System 4.7 5.4 Agriculture Westpac 2.9 6.3 At call deposits 12.5 12.2

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Mortgage portfolio quality significantly improved 120 0.06 0.0 0.1 0.1 0.2 0.2 0.3 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14 42 10 8 40 Auckland Wellington Christchurch Rest of New Zealand 1 LVR based on current loan balance and current assessment of property value. Portfolio highlights New Zealand mortgage portfolio by region (%) New Zealand mortgage portfolio LVR1 (%) of portfolio Mortgage 90+ days delinquencies (%) Mortgage loss rates each half (%) New Zealand Mortgage portfolio NZ$39.6bn, up 3% (up 6% FY14/FY13) The distribution of the mortgage portfolio across regions remains consistent with population concentrations of New Zealand The proportion of fixed interest rate mortgages is 73%, up 5ppt (up 10ppt FY14/FY13) driven by continued customer preference for lower spread fixed rate loans Loan origination through proprietary channels remained steady at 74% Well secured portfolio, with 82% of the portfolio having LVR of 80% or less Mortgage 90+ days delinquencies improved further to 21bps, down 8bps (down 8bps FY14/FY13), reflecting improved origination and stable employment levels Westpac New Zealand has a servicing assessment approach, that includes a buffer which in the current interest rate environment is 1.00% to 1.50% higher than the standard lending rate 42 17 23 12 3 3 0<=60 60<=70 70<=80 80<=90 90<=95 95+ 82% of mortgage portfolio less than 80% LVR 0.21 0.0 0.5 1.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 1H14 2H14

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack 25.3 19.9 16.9 10.3 6.4 21.2 Property Manufacturing Agriculture, forestry & fishing Wholesale trade Mining Other Improving asset quality with a reduction in business stressed assets 121 1.4 2.6 3.4 2.0 2.2 1.9 1.5 0.8 0.9 0.4 0.2 0.3 0.2 0.2 0.1 0.2 0.1 14.4 12.8 9.6 4.8 4.4 4.1 3.2 2.9 2.3 16.2 15.6 13.2 7.0 6.8 6.1 4.9 3.8 3.3 FY09 FY10 FY11 1H12 2H12 1H13 2H13 1H14 2H14 Impaired 90+ days past due well secured Watchlist & substandard 1 Large reduction in stressed exposures from FY11 to 1H12 due primarily to transfer of WIB assets during 1H12. Business stressed exposures as a % of New Zealand business TCE Movement in impairment charges (NZ$m) Total business stressed exposures as a % of business TCE is at 3.26%, down 51bps (down 165bps FY14/FY13) Improvements across property, agriculture and manufacturing sectors Business impaired exposures increased to 0.92% of business TCE up 11bps from the downgrade of a small number of loans Watchlist and substandard exposures have continued to improve to 2.30%, down 60bps Impairment charges increased NZ$18m in 2H14, coming off a very low charge in 1H14 of NZ$4m, due to higher impairment charges on a small number of business customers Overall, asset quality continues to improve with the New Zealand economy New Zealand 50 4 39 12 3 22 (36) 2H13 1H14 New IAPs Writebacks + recoveries Write-offs CAP changes + other 2H14 Up $18m 1

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Westpac Pacific solid earnings contribution despite regional headwinds 122 Cash Earnings movement ($m) Movement 2H14 1H14 Cash earnings 12% Cash earnings down $8m, impacted by foreign exchange controls introduced in Papua New Guinea (PNG) Translation impacts from movements between the A$ and local currencies had little impact on cash earnings Net interest income - flat Net interest income was unchanged over the half. Net interest margin management offset the reduction in average interest earning assets. Lending increased by 13%, mainly driven by a rise in business lending in PNG and Fiji Net interest margin 19bps Non-interest income 25% Non-interest income was $22m lower, due to Lower FX income from the impact of new financial markets regulations in PNG Partly offset by increased fees and commissions due to retail growth and an increase in Corporate Online in PNG and Fiji Expenses 10% Strong expense management and productivity benefits as customers transition to using storebased banking services and electronic channels saw expenses $5m lower Impairment charges 50% Impairment charges of $3m were $3m lower, reflecting the quality of the portfolio 79 6 65 5 3 6 57 (3) (10) (2) (5) (22) 2H13 Net II Non-II Expenses Impairment charges Tax & NCI 1H14 Net II Non-II Expenses Impairment charges Tax & NCI 2H14 Down 18% Down 12% Launched new mobile banking platform in the Solomon Islands (February) and PNG (September) - more than 10,000 customers registered in the Solomon Islands Corporate Online active in 2 largest markets, PNG and Fiji Launched the Kina Finance esiLoan Card in PNG, alongside our business customer Kina Finance flat

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Our investment in technology will continue at current levels as we progress Phase II of our modernisation journey 124 Phase I: 2008 2013 centred on rebuild and refresh; Phase II: 2014 2017+ focuses on building for the future Channels: helping customers to bank their way Westpac Live our market-leading integrated mobile and digital system is the foundation of transforming the digital banking experience for customers World class mobile capabilities simple and helpful customer experiences that drive deep and enduring relationships Branch experience continued roll-out of our next generation branch network Processing Systems: scalable, modular, flexible Deposits - Commenced the consolidation of Hogan platforms Panorama continued delivery of best-in-class wealth technology Lloyds integration continuing the integration and decommissioning legacy system environment and four data centres Group general ledger completed a significant system upgrade and replacement of aged, underlying infrastructure Infrastructure: robust, stable, secure Further data centre consolidation Productivity enhancements through the transformation of our workplace Customer Channels Processing Systems Infrastructure Blue shading indicates progress to 2017+ target state Progress in 2014

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Our customer first technology strategy is delivering leading functionality and capabilities 125 Emergency Cash allowing customers to access their cash from ATMs without their card, and the mobile version - Get Cash, allows customers to access the temporary ATM code via their mobile Helping 34,000+ customers out of bind with emergency cash since launch Mobile PayWay - Accept payments using the PayWay app and a wireless, secure card reader Helping over 800+ merchants accept transactions since the July launch of mobile PayWay Travel Notifications - Westpac Mobile now has the ability to prompt customers to advise us if they are going overseas Allowing 80,000 customers per month to head overseas with confidence Simplified and mobile-optimised sales for consumer and business deposits, credit cards, and personal loans Making it easier for customers to buy resulting in additional 10 20% increase in application completion Westpac Live - New digital banking experience with award winning design and user friendly features across digital, mobile and tablet Enabling customers to submit $18.7 billion of payments with 55 million customer logons to date Global ATM Search - mobile app allows customers to search for largest free ATM network in the world Helping customers with over 10,000 searches each month across 45 countries Market leading mobile capabilities, world class digital platforms and secure infrastructure Paris London

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack to the digital economy 126 ! 2 RFi, Australian Mobility Banking Program, June 2014 survey results. 3. Financial $ productivity benefits associated with shifting servicing activity out of high-cost channels such as Branch and customer contact centres (ccc) to low-cost channels such as digital. This is a gross opportunity associated with freeing up capacity in branches and CCC, and requires harvesting through cost reduction to be realised. 2.7m customers migrated onto Westpac Live 633k customers have switched to e-statements in FY14 >200% increase in digital gross productivity save3 59% year on year reduction in outage incidents FY13 44 FY14 26 79% year on year increase in mobile sales >10% Digital sales % of overall retail sales 67m pro-active service messages Global leading Westpac Live Australian Mobile Banking app capability1 #1 mobile customer satisfaction for St.George2 New sales increase in Mobile Business Card completion rates $150m+ new revenue from digital 10-20% increase in Mobile Business Card completion rates >50% credit cards originated via digital in the past year

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack a Customer Service Hub 127 Proactive service based on their needs and information they have provided Simple processes that are easy and transparent supported by straight through processing that allows realtime approval and activation of products Personalisation Customers are understood and are offered bundled and relationship based pricing that rewards loyalty, customers are personally welcomed Simplified Product sets and service are simplified and easy to understand for customers and bankers which also allows quicker speed to market for products that best meet customer needs Omni-channel Customers are able to contact the bank however and wherever they want, and can seamlessly move between channels Provide information once Customer information is re-used and their history is known and recognised at each interaction The Customer Service Hub enables us to know our customer, anticipate their needs and empower them to bank how and when they want. It is a combination of technology infrastructure, data, tools and new processes centred on the customer and the information we have about the customer. Customer Service Hub

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Customer Service Hub customer experiences and enables modular upgrades to best-in-class processing systems 128 Channel Systems Analytics Systems Customer Data Channel Systems Analytics Systems Customer Data Product System A Product System B Product System C Product System D Product System E Product System A Product System B Product System C Product System D Product System E Siloed customer and product data and processes that is duplicated or scattered across multiple product processing systems Consolidated customer and product information integrated via the Customer Service Hub Description: Duplicate customer data, multiple product catalogues, product-specific pricing and offers, fragmented risk and customer service Features: A fragmented and repetitive customer experience and cumbersome, monolithic product systems with duplicated data and processes The ability to put the customer at the centre of service, offers, pricing and risk Outcome: Integrated customer master, cross-product catalogue, relationship pricing and offers, integrated risk and customer service Banks of today Banks of the future Customer Channels Processing Systems Today banks typically have siloed customer and product data & processes making it difficult to provide an integrated customer experience Infrastructure Infrastructure Platforms Infrastructure Platforms In the future winning banks will have integrated customer, product processes & data Duplicated customer and product related data and processes will be consolidated in the future to support customer experience outcomes

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Our earlier investments in infrastructure platforms are now supporting and accelerating our strategy 129 Resource shift to value-add services Rapid deployment, high services reuse and agile delivery Secure platforms to support trusted relationships with our customers A robust, stable and secure infrastructure environment An additional data centre consolidated, 4 data centres consolidated over recent years 9 major data centres to 5 452 applications remediated to run on a modern desktop 190 branches now running virtual PCs Majority of all users now on Windows 7 and above Migration from 3 legacy email systems to 1 Mailbox migration 65% complete 1,000 smartphone desk-phone replacements Foundational infrastructure build underway to allow for broad enterprise consumption of public Cloud services Real-time Group Fraud Management Platform Westpac Live enhanced, riskbased customer authentication New Audio/Visual and collaboration technologies Cloud based Mobile Device Management solution Consolidated data centres Enhanced enterprise security Flexible and agile working environments Modern desktop fleet Consolidation of legacy workplace Starting the journey to leverage the Cloud enables

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian and New Zealand economic forecasts 131 Key economic indicators1 (%) as at October 2014 Calendar year 2012 2013 2014f 2015f World GDP 3.4 3.3 2.9 3.7 Australia GDP 3.6 2.3 3.2 3.2 Private consumption 2.6 2.0 2.5 3.2 Business investment2,3 16.4 2.2 4.0 2.0 Unemployment end period 5.3 5.8 6.1 5.8 CPI headline year end 2.2 2.7 2.2 2.8 Interest rates cash rate 3.0 2.5 2.5 3.0 Credit growth, Total year end 3.6 3.8 5.2 6.7 Credit growth, Housing year end 4.5 5.4 6.7 7.5 Credit growth, Business year end 2.9 1.7 3.5 5.5 New Zealand GDP 2.5 2.8 3.6 3.2 Unemployment end period 6.8 6.0 5.4 4.9 Consumer prices 0.9 1.6 1.0 2.2 Interest rates official cash rate 2.5 2.5 3.5 4.0 Credit growth Total 3.6 4.8 4.5 4.9 Credit growth Housing 3.7 5.9 5.1 5.1 Credit growth Business 3.6 3.5 3.5 4.7 1 Source: Westpac Economics . 2 GDP and component forecasts updated following the release of quarterly national accounts. 3 Business investment adjusted to exclude the effect of private sector purchases of public assets.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australia remains well-placed relative to developed economies 132 flexible Real GDP growth (%) 8.4 8.6 11.5 2.6 8.4 10.3 12.7 11.1 3.2 5.6 11.9 5.7 Manufacturing Construction Mining Rural Utilities & transport Wholesale & retail Property, business services Finance Communications Household services Education & health Government -8 -6 -4 -2 0 2 4 6 8 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 Australia UK Canada US Euro Net public debt levels as a % of GDP 2013 Sources: OECD, Westpac Economics. Sources: IMF, Westpac Economics. Sources: ABS, Westpac Economics. 1 Excludes ownership of dwellings and taxes less subsidies. Sector contribution to GDP (%)1 % growth, year-ended Australian economic growth and external shocks -2 0 2 4 6 8 -2 0 2 4 6 8 Jun-86 Jun-90 Jun-94 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 GDP %yr GDP %yr Global recession, but home grown property bust Asian Crisis, ~ 60% of export markets in recession Tech Wreck, ~ 90% of export markets in recession GFC, ~ 70% of export markets in recession shock Sources: ABS, Westpac Economics. 13.5 26.0 38.5 55.7 60.4 81.3 83.1 87.6 110.7 Aus NZ Canada Germany Spain US UK France Italy

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack from mining to non-mining 133 Sources: ABS, Westpac Economics. Investment: share of Australian economy (% of GDP) Commodity prices: the long view -2 -1 0 1 2 3 4 Consumer* Mining investment Business investment Net Exports GDP 2012 2013 2014f 2015f 0 5 10 15 Dec-89 Dec-93 Dec-97 Dec-01 Dec-05 Dec-09 Dec-13 mining, CAPEX housing investment business investment (ex mining) Sources: Westpac Economics, Bloomberg, ABS. * includes housing Forecasts end 2015 Sources: ABS, Westpac Economics. % of GDP % Australian growth mix: Contributions to GDP growth (%) 0 100 200 300 400 500 600 Oct-85 Oct-90 Oct-95 Oct-00 Oct-05 Oct-10 Oct-15 Oct-20 index Australian commodities in US$ Forecasts The Australian economy is moving through a transition from mining to non-mining led growth. After a large, multi-year rise, mining investment peaked at 7% of GDP in 2012 and is now moving through a gradual but prolonged decline. Falling resource prices have added to this drag on national income but are expected to improve in 2015 Surging export volumes and reduced imports have provided an important offset in 2013. Rising consumer and housing demand and a modest lift in non-mining business investment are expected to provide more support to growth in 2014 and 2015

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Labour market showing some signs of improvement 134 Sources: OECD, Westpac Economics. 0 2 4 6 8 10 12 14 Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 Australia Canada UK US Euro % -100 0 100 200 300 400 500 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Household Services Mining Construction Goods Distribution Personal bankruptcies vs company insolvencies (%) Sources: ABS, Westpac Economics. Sources: ABS, Westpac Economics. -100 0 100 200 300 400 500 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Business Services Public Admin Manufacturing Other Unemployment rates (%) Sources: ASIC, ITSA, ABS, Westpac Economics. 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 % % Company insolvencies (rhs) Personal bankruptcies (lhs) *seasonally adjusted by Westpac; bankruptcies shown as per 1000 people, insolvencies shown as per employing businesses Household services sector accounts for approx. employs about one third of the population.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Interest rates to remain low AUD remains high by historical standards 135 Sources: RBA, OECD, Westpac Economics. 0 1 2 3 4 5 6 7 8 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Australia UK Canada US Euro (%) 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 Apr-91 Apr-95 Apr-99 Apr-03 Apr-07 Apr-11 Apr-15 Fair value band AUD/USD actual & forecast Australian dollar (AUD/USD) We expect the growth mix to see the RBA maintain its current accommodative stance, holding the cash rate at 2.5% As conditions improve abroad and domestic demand shows signs of firming the Bank is expected to begin a gradual policy tightening with two 25bp interest rate rises in the second half of 2015 Price pressures are expected to remain benign with core CPI inflation easing back towards 2.5% in 2015 and wages growth subdued. Labour markets are only expected to improve slowly The high Australian dollar remains an additional headwind to growth, albeit a reduced one following significant falls in recent months fundamentals and is still relatively high by historical standards The AUD is also expected to lift again, rising back above 90c in 2015 as global conditions and an associated recovery in commodity prices provide support Sources: RBA, Westpac Economics. latest: 87.2 Forecasts USD USD Includes WCFI+BI commodities index, 2 year swap spread, and NFD to GDP. %

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Credit growth picking up at a modest pace 136 Sources: Westpac MI, NAB, Westpac Economics. -40 -30 -20 -10 0 10 20 60 70 80 90 100 110 120 130 140 Aug-02 Aug-06 Aug-10 Aug-14 Consumer (lhs) Business * (rhs) monthly * rebased to avg 0 Business confidence and consumer confidence (net balance) (10) (5) 5 10 15 20 25 (10) (5) 5 10 15 20 25 Aug-94 Aug-98 Aug-02 Aug-06 Aug-10 Aug-14 Housing Total credit Business Forecasts end 2015 Australian private sector credit growth (% ann) Confidence remains relatively subdued Despite a strong start to 2014, consumer sentiment has fallen over the course of the year as renewed job loss concerns have combined with concerns around a Budget tightening by the Government Business confidence has been more resilient but has slipped back towards long run average levels in recent months Credit growth strengthened over the past year to around 5% annual from a little above 3% a year earlier, with a lift in both housing and business A further improvement is expected over the coming year supported by a period of stability in interest rates at record lows, investors continuing to move in to the housing market, and an improved international environment Sources: RBA, Westpac Economics. % annual % annual

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Chinese growth remains a positive for Australia 137 As a $US7 trillion economy, China grew at 10%. As a $US10 trillion economy, Westpac expects China to grow at 7% Represents an equivalent incremental contribution to global absorptive capacity, at higher levels of energy, protein, metal and consumer goods demand per head Were China to slow immediately to a 5% pace (a big downside shock that we do not envisage), it would still double its 2012 size by 2025 Chinese authorities have shown a clear commitment to maintaining growth above 7% but will be less tolerant of strong credit driven expansions the double digit growth rates that have featured regularly over the past 20 years are now unlikely to occur Australia will continue to benefit as Chinese households progressively expand their living standards and their consumption basket Source: Westpac Economics. Real GDP % ann 2012 2013 2014f 2015f China 7.7 7.7 7.4 7.5 Chinese real GDP increments: 4 scenarios (% of 2012 GDP) 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 1993 1998 2003 2008 2013 2018 2023 2028 % of 2012 GDP % of 2012 GDP 8% CAGR History & 7% CAGR 6% CAGR 5% CAGR 0 50 100 150 200 250 300 350 400 450 1 6 11 16 21 26 31 36 41 46 51 index years Korea China Japan Taiwan Malaysia Hong Kong Thailand Sources: GGDC, Westpac Economics. Middle income is defined as 20% of contemporaneous US per capita GDP in PPP terms Per capita growth from middle income stage

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack New Zealand a mixed economic picture 138 New Zealand GDP growth and forecast (%) Earthquake-related construction activity in Christchurch ($bn) Source: Westpac Economics. Source: Statistics NZ, Westpac Economics. -3 -2 -1 0 1 2 3 4 5 6 7 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 201 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Residential Commercial Infrastructure Estimate Forecasts New Zealand economic growth accelerated to around 3.5% per annum in response to post-earthquake reconstruction activity in Canterbury, strong net immigration, the lagged effect of rising house prices, and a fourdecade high in the terms of trade The pace of growth has slowed since the peak, but remains reasonably robust. Conditions are now more mixed Dairy and forestry export prices have fallen very sharply, while other export industries including meat, horticulture, tourism and education are experiencing very strong conditions Domestic construction activity is booming, and is expected to accelerate further. However, the housing market is now cooler than it was last year, and this is restricting consumer spending The RBNZ increased the OCR from 2.5% to 3.5% earlier this year. However, outside of the construction sector inflation has proven weaker than expected. Consequently, the RBNZ has put its OCR hiking cycle on pause. The RBNZ is expected to resume OCR hikes from late-2015 Source: ANZ, Westpac Economics. Selected NZ export commodity prices 0 50 100 150 200 250 300 350 400 450 0 50 100 150 200 250 300 350 400 450 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 index index Meat and wool Dairy Forestry $bn % Forecasts

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack (20) (10) 10 20 30 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Annual % New Zealand housing market recovering, but expected to remain subdued 139 New Zealand house price inflation (annual %) New Zealand Official Cash Rate (%) Source: RBNZ, Westpac Economics. Source: QV, Statistics NZ, Westpac Economics. Westpac forecast 0 1 2 3 4 5 6 7 8 9 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 House price inflation reached 10% per annum in 2013, with the strongest gains concentrated in the two biggest cities, Auckland and Christchurch In late 2013 the Reserve Bank implemented restrictions on high-LVR lending. At around the same time mortgage rates began to rise The housing market responded rapidly. House sales dropped 19% between September 2013 and April 2014, and house prices stagnated in the first three months of 2014. Investors gained prominence in the market, at the expense of first home buyers The market has subsequently recovered partially. House prices are rising again, and sales have lifted The market is expected to continue picking up in the near term, as fixed mortgage rates have recently fallen and net immigration is booming Further ahead, rising interest rates are expected to subdue the housing market more comprehensively 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Ann % change Westpac forecast Westpac forecast Source: RBNZ, Westpac Economics. Annual growth in system housing lending (% annual change) %

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian housing market sound fundamentals 140 Sources: REIA, Westpac Economics. 210 226 187 236 196 300 373 77 98 114 125 136 125 125 1950s 1960s 1970s 1980s 1990s 2000s last 4 years population dwelling stock* * net of demolitions implied by Census data; Westpac estimates 0 1 2 3 4 5 6 7 Jun-84 Jun-89 Jun-94 Jun-99 Jun-04 Jun-09 Jun-14 Australia Sydney Melbourne investor housing boom Australian housing market continues to face a significant structural undersupply A persistently low level of new building over the last decade has combined with a strongly migration-led burst in population growth. under 200,000 a year to well over 300,000, construction has been adding about 125,000 new dwellings net of demolitions over the same time New construction has increased to a relatively high historical level over the last year and is expected to remain elevated in 2015 with around a net addition of around 150,000 new dwellings. While this may result in pockets of excess dwelling stock, it will only begin to address shortages across the broader market ) Rental vacancy rates (%) Sources: ABS, Westpac Economics. 0 50 100 150 200 250 300 0 50 100 150 200 250 300 Aug-92 Aug-94 Aug-96 Aug-98 Aug-00 Aug-02 Aug-04 Aug-06 Aug-08 Aug-10 Aug-12 Aug-14 '000 '000 indicative accumulated deficiency Aus dwelling approvals (SA annualised) underlying f'casts Sources: ABS, Westpac Economics. %

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Price growth and activity some moderation since the start of 2014 141 Sources: RP Data-Rismark, ABS, Westpac Economics. Housing credit momentum Australia: dwelling prices vs labour incomes Capital city dwelling prices Sources: ABS, RP Data-Rismark, APM, Residex, Westpac Economics. Sources: RBA, Westpac Economics. Sources: ABS, Westpac Economics. Price growth and activity have moderated somewhat since the start of 2014 Housing credit growth is currently tracking at 6.7%yr Price growth nationally has slowed from an annualised pace of 13.8% in second half 2013 to 9.1% in the year to October 2014 Growth rates have varied significantly between capital cities Sydney up 12.8%yr; average since 2007: 5.7% Melbourne up 8.6%yr; average since 2007: 4.9% Brisbane up 5.2%yr, average since 2007: 0.6% Repayment-based measures of affordability remain around their long run average levels only partly reflecting low interest rates -20 -10 0 10 20 30 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 % Sydney Melbourne Brisbane * 6mth annualised growth rates, all dwellings, composite of all measures, seasonally adjusted 0 4 8 12 16 20 24 28 32 36 Aug-00 Aug-02 Aug-04 Aug-06 Aug-08 Aug-10 Aug-12 Aug-14 Total Owner-occupier Investor 6mth %change, annualised index 40 70 100 130 160 190 220 250 Dec-95 Dec-98 Dec-01 Dec-04 Dec-07 Dec-10 Dec-13 dwelling prices labour income per household labour income per capita

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Investment property lending remains buoyant 142 Sources: ABS, Westpac Economics. 0 2 4 6 8 10 12 Aug-94 Aug-99 Aug-04 Aug-09 Aug-14 'upgraders', ex-refinancing investor finance first home buyers Investor housing yields vs shares, deposits Housing finance approvals: value of housing finance ($bn/mth) Dwelling turnover Sources: RP Data-Rismark, ABS, FIRB, Westpac Economics. Sources: REIA, RBA, Westpac Economics. Sources: ABS, Westpac Economics. 0 20 40 60 80 100 120 140 160 180 200 Jun-94 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 thousands estimated investor purchases all dwellings units FIRB approvals *quarterly $bn/mth 0 1 2 3 4 5 6 7 8 9 10 Sep-94 Sep-98 Sep-02 Sep-06 Sep-10 Sep-14 %pa rental yield* ASX 200 dividend yield 1yr term deposit *median rent on 2bdrm unit as % of median unit price investor boom improved access to finance and CGT changes Investor housing activity is buoyant, responding to low vacancy rates, solid rental yields, and low interest rates, including low fixed rates that also offer the opportunity to hedge interest rate risk. Rental yields are attractive compared to returns on other assets, many of which exhibit much greater volatility New investor loans currently account for almost 40% of the value of total housing loan approvals. While that is high and brings risks, activity is coming from a relatively low starting point and evidence suggests borrowing and lending decisions are conservative Notably, total market turnover remains below recent peaks and well below the levels seen in 2002-03, when activity was clearly overheating. High levels of turnover are often associated with increased speculative activity

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Australian households a cautious approach to household finances 143 Sources: ABS, RBA, Westpac Economics. Australian households: debt to income ratio (%) Household savings rate (% income) -20 30 80 130 180 Mar-77 Mar-82 Mar-87 Mar-92 Mar-97 Mar-02 Mar-07 Mar-12 total (gross) debt housing debt total debt net of deposits* trend since Jun-07 * Westpac estimates prior to 1988 Sources: ABS, Westpac Economics. Sources: Melbourne Institute, Westpac Economics. 0 10 20 30 40 50 0 10 20 30 40 50 60 70 Sep-96 Sep-99 Sep-02 Sep-05 Sep-08 Sep-11 Sep-14 % % shares real estate deposits pay down debt -3 0 3 6 9 12 15 Jun-90 Jun-94 Jun-98 Jun-02 Jun-06 Jun-10 Jun-14 % income includes funds held in mortgage offset accounts 23pts since peak % Sources: RP Data-Rismark, Residex, Westpac Economics. Housing affordability: all dwellings 10 15 20 25 30 35 40 Mar-79 Mar-84 Mar-89 Mar-94 Mar-99 Mar-04 Mar-09 Mar-14 estimates based on capital cities prior to 1993 % income required to service mortgage of 75% median dwelling, all regions long run avg deteriorate improve 10yr avg if mortgage rate was 1% higher %

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Appendix 1: Cash earnings adjustments 145 Cash earnings adjustment 2H13 1H14 2H14 Description Non merger & acquisition related items Reported net profit 3,464 3,622 3,939 Reported net profit after tax attributable to owners of Westpac Group TPS revaluations 1 - - The TPS hybrid instrument is not fair valued however the economic hedge is fair valued. The mismatch in the timing of income recognition is added back. Treasury shares 13 13 (6) Earnings on certain Westpac Banking Corporation shares held by Westpac in the wealth business are not recognised under AAS. These are added back as these shares support policyholder liabilities and equity derivative transactions, which are re-valued in deriving income Fair value gain/(loss) on economic hedges (36) 46 (151) Unrealised profit/losses on economic hedges: FX hedges on future NZ earnings, FX hedges on fees payable on Governmentguaranteed debt, accrual accounted term funding transactions and credit spread movements on certain long term debt issuances are reversed as they may create a material timing difference on reported earnings in the current period, which does not affect cash earnings over the life of the hedge Ineffective hedges 3 17 29 The gain/(loss) on qualified hedge ineffectiveness is reversed as the gain/(loss) from fair value movements reverses over time Buyback of government guaranteed debt - (30) (12) The Group has bought back portions of its government guaranteed debt, which reduced the government fees on that debt, currently 70bps. The charge is being amortised over the original term of the debt that was bought back. This has been treated as a cash earnings adjustment as the economic benefit of ceasing to pay the government guarantee fee cannot be recognised Bell litigation provision - - (54) During Full Year 2012, the Group recognised additional provisions in respect of the long running Bell litigation. This was treated as a cash earnings adjustment at the time due to its size, historical nature and because it did not reflect ongoing operations. In the current year, the Bell litigation has been settled and the release of provisions no longer required has also been treated as a cash earnings adjustment. Westpac Bicentennial Foundation grant - - 70 The Group provided a grant to establish the Westpac Bicentennial Foundation. The $100 million grant ($70 million after tax) has been treated as a cash earnings adjustment due to its size and because it does not reflect ongoing operations. Prior period tax provisions - - (70) During Full Year 2011, the Group raised provisions in respect of certain tax positions for transactions previously undertaken by the Group. A number of these matters have now been resolved, resulting in a release of the provisions which are no longer required. As the provisions raised were treated as a cash earnings adjustment, the release has been treated in a consistent manner. Merger & acquisition related items Amortisation of intangible assets 75 70 77 The merger with St.George and the acquisitions of J O Hambro Capital Management and Lloyds resulted in the recognition of identifiable intangible assets. These assets include intangibles related to core deposits, customer relationships, management contracts and distribution relationships. These intangible items are amortised over their useful lives, ranging between 4 and 20 years. The amortisation of intangible assets (excluding capitalised software) is a cash earnings adjustment because it is a non-cash flow item and does not reflect cash distribution available to shareholders. Fair value amortisation of financial instruments 35 9 8 The unwind of the merger accounting adjustments associated with the fair valuing of St.George retail bank loans, deposits, wholesale funding and associated hedges. Given these are not considered in determining dividends they are treated as cash earnings adjustments. Acquisition transaction and integration expenses - 25 26 Transaction and integration costs associated with the acquisition of Capital Finance Australia Ltd and BOS International Australia Ltd incurred have been treated as a cash earnings adjustment as they do not impact the earnings expected from the acquired businesses following the integration period. Cash earnings 3,555 3,772 3,856

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Appendix 2: Definitions 146 Australian Financial Services or AFS Australian retail banking, business banking and wealth operations. It incorporates WRBB, SGB and BTFG. AFS also includes the product, marketing and risk responsibilities for Australian retail banking and wealth Westpac RBB or WRBB Westpac Retail & Business Banking is part of Australian Financial Services division and is responsible for sales and service to consumer, SME, commercial and agribusiness customers (with turnover of up to $100 million) in Australia under the Westpac brand St.George Banking Group or St.George or SGB St.George Banking Group is part of Australian Financial Services division and provides sales and service to consumer, SME and corporate customers (businesses with facilities typically up to $150 million) in Australia under the St.George, BankSA, Bank of Melbourne and RAMS brands BTFG BT Financial Group (Australia) is part of Australian Financial Services division the Advance Asset Management, Ascalon, Asgard, BT Investment Management, Licensee Select, and Securitor brands. Also included are the advice, private banking, and insurance operations of Bank of Melbourne, BankSA, St.George and Westpac. BTFG designs, manufactures and distributes financial products that are designed to help customers achieve their financial goals by administering, managing and protecting their assets WIB Westpac Institutional Bank provides a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand. Operates in Australia, New Zealand, UK, US and Asia Westpac NZ Westpac New Zealand provides a full range of retail and commercial banking and wealth management and insurance products and services to consumer, business, and institutional customers throughout New Zealand. New Zealand operates under the Westpac New Zealand, Westpac Institutional Bank, Westpac Life and BT brands in NZ Westpac Pacific Westpac Pacific provides banking services for retail and business in seven Pacific Island Nations Group Business of GB Group Businesses provides centralised Group functions, including Treasury and Finance units Cash earnings Is a measure of the level of profit that is generated by ongoing operation and is therefore available for distribution to shareholders. Three categories of adjustments are made to reported results to determine cash earnings: material items that key decision makers at Westpac believe do not reflect ongoing operations; items that are not considered when dividends are recommended; and accounting reclassifications that do not impact reported results. For details of these adjustments refer to slide 145 Core earnings Net operating income less operating expenses AIEA Average interest-earning assets Net interest spread The difference between the average yield on all interest bearing assets and the average rate paid on all interest bearing liabilities Net interest margin Net interest income divided by average interest-earning assets ROTE Return on average tangible equity and is average ordinary equity less average goodwill and other intangible assets (excluding capitalised software) Full-time equivalent employees (FTE) A calculation based on the number of hours worked by full and part-time employees as part of their normal duties. For example, the full-time equivalent of one FTE is 76 hours paid work per fortnight Risk Weighted Assets or RWA Assets (both on and off-balance sheet) of Westpac are assigned within a certain category. Amounts included in these categories are multiplied by risk weighting, and with the resulting weighted values added together to arrive at total risk weighted assets NCI Non-controlling interests Capital ratios As defined by APRA (unless stated otherwise) Internationally comparable ratios after adjusting the capital ratios determined under APRA Basel III regulations for various items as identified in the August 2014 Australian Pricewaterhouse Coopers. -and-Reports/Papersand- Financial performance Capital

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Appendix 2: Definitions (continued) 147 TCE Total committed exposures Stressed loans Stressed loans are the total of watchlist and substandard, 90 days past due well secured and impaired assets Impaired assets Impaired assets can be classified as 1. Non-accrual assets: Exposures with individually assessed impairment provisions held against them, excluding restructured loans 2. Restructured assets: exposures where the original contractual terms have been formally modified to provide concessions of interest or principal for reasons related to the financial difficulties of the customer 3. 90 days past due (and not well secured): exposures where contractual payments are 90 days or more in arrears and not well secured 4. other assets acquired through security enforcement 5. any other assets where the full collection of interest and principal is in doubt 90 days past due - well secured A loan facility where payments of interest and/or principal are 90 or more calendar days past due and the value of the security is sufficient to cover the repayment of all principal and interest amounts due, and interest is being taken to profit on an accrual basis Watchlist and substandard Loan facilities where customers are experiencing operating weakness and financial difficulty but are not expected to incur loss of interest or principal Individually assessed provisions or IAPs Provisions raised for losses that have already been incurred on loans that are known to be impaired and are individually significant. The estimated losses on these impaired loans is based on expected future cash flows discounted to their present value and as this discount unwinds, interest will be recognised in the statement of financial performance Collectively assessed provisions or CAPs Loans not found to be individually impaired or significant will be collectively assessed in pools of similar assets with similar risk characteristics. The size of the provision is an estimate of the losses already incurred and will be estimated on the basis of historical loss experience of assets with credit characteristics similar to those in the collective pool. The historical loss experience will be adjusted based on current observable data Key metrics Asset quality Net Promoter score Net Promoter Score measures the net likelihood of recommendation to others Promoter ScoreSM is a trademark of Bain & Co Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. -6 raters (detractors) are deducted from the 9-10 raters (promoters). -6 raters (detractors) are deducted from the 9-10 raters (promoters). Consumer NPS Source: Roy Morgan Research, September 2014, six month moving average (6MMA). Main Financial Institution (MFI), as defined by the customer. Consumers aged 14 or over. Business NPS Source: DBM Consultants Business Financial Services Monitor, September 2014, 6MMA. MFI customers, all businesses. SME NPS Source: DBM Consultants Business Financial Services Monitor, September 2014, 6MMA. MFI customers, SME businesses. SME businesses are those organisations with annual turnover under $5 million (excluding Agricultural business). Agribusiness NPS Source: DBM Consultants Business Financial Services Monitor, September 2014, 6MMA. MFI customers, Agribusinesses. Agribusinesses are those organisations whose main activities are Agriculture, Forestry and Fishing. Westpac RBB NPS rank Australian banks (CBA, NAB, and ANZ) St.George NPS rank The ranking refers to St.George major Australian banks (Westpac, CBA, NAB and ANZ). NPS among credit card customers Source: Roy Morgan Research, September 2014, 6MMA. Main Financial Institution (as defined by the customer). Consumers aged 14 or over. Credit Card customers refers to customers who have a credit card with their MFI.

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Appendix 2: Definitions (continued) 148 Key metrics (continued) Average products per customer Source: Roy Morgan Research, 6 month rolling average, September 2014. Products Per Customer (PPC) results are based on the total number of The figure is calculated by dividing the total number of Banking and Finance customers. MyBank customer A MyBank customer is one where we have their quality transaction account (they are active; have salary credit; and/or have multiple regular deposits) and they do multiple transactions per month; and we meet at least 2 out of 5 of their following needs: (a) long term borrowing; (b) short term borrowing; (c) savings and investment; (d) protection; and (e) wealth Leading employer in workplace diversity We were recognised as the leading bank in the 2014 Australian Workforce Equality Index for creating an inclusive workplace culture for lesbian, gay, bisexual, transsexual and intersex employees; as a leading employer of Awards; as a leading employer of mature employees by US-based AARP; and we retained our status as an Employer of Choice for Women by the Workplace Gender Equality Agency. Key metrics (continued) Customer satisfaction overall business Source: DBM Consultants Business Financial Services Monitor, September 2014, 6MMA. MFI customers, all businesses. The Customer Satisfaction financial institution for business banking on a scale of 0 to 10 (0 means Customer satisfaction overall consumer Source: Roy Morgan Research, September 2014, 6MMA. Main Financial Institution (as defined by the customer). Satisfaction ratings are based on the relationship with the financial institution. Customers must have at least a Deposit/Transaction account relationship with the institution and are aged 14 NZ customers with wealth products (%) Number of customers who have managed investments or superannuation with Westpact NZ as a proportion of the total active customers in Westpac NZ Retail, Private and Business Bank. Australian customers with wealth products metrics provider Data based on Roy Morgan Research, Respondents aged 14+ and 12 month average to September 2014. Wealth penetration is defined as the proportion of Australians who have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with a Banking Group and also have Managed Investments, Superannuation or Insurance with the same Banking Group WRBB includes Bank of Melbourne (until Jul 2011), BT, Bankers Trust, BT Financial Group, Challenge Bank, RAMS (until Dec 2011), Rothschild, and Westpac St.George includes Advance Bank, Asgard, BankSA, Bank of Melbourne (from Aug 2011), Dragondirect, Sealcorp, St.George and RAMS (from Jan 2012) Westpac Group includes Bank of Melbourne, BT, Bankers Trust, BT Financial Group, Challenge Bank, RAMS, Rothschild, Westpac, Advance Bank, Asgard, BankSA, Barclays, Dragondirect, Sealcorp and St.George St.George

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Investor Relations Team 149 Andrew Bowden Head of Investor Relations +61 2 8253 4008 andrewbowden@westpac.com.au Leigh Short Senior Manager +61 2 8253 1667 lshort@westpac.com.au Equity Investor Relations www.westpac.com.au/investorcentre Annual reports Presentations and webcasts 5 year financial summary Prior financial results For further information on Westpac Jacqueline Boddy Director +61 2 8253 3133 jboddy@westpac.com.au Louise Coughlan Director (Rating Agencies) +61 2 8254 0549 lcoughlan@westpac.com.au Debt Investor Relations Retail Shareholder Investor Relations Rebecca Plackett Manager +61 2 8253 6556 rplackett@westpac.com.au or email: investorrelations@westpac.com.au

| Westpac Group Full Year 2014 Presentation & Investor Discussion Pack Disclaimer 150 The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, f inancial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. Unless otherwise noted, financial information in this presentation is presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to Westpac Full Year 2014 Results (incorporating the requirements of Appendix 4E) for the full year ended 30 September 2014 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to slides 37 for an explanation of cash earnings and Appendix 1 slide 145 for a reconciliation of reported net profit to cash earnings. -ecurities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. -looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control, and have been made based assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those which we expect, depending on the outcome of various factors. Factors that may impact on the forward-looking statements made include, but ear ended 31 March 2014 available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation to update any forward-looking statements contained in this presentation, where as a result of new information, future events or otherwise, after the date of this presentation.